Shanghai nonferrous metals closed with losses as the market players were still weighing the hawkish speech from Fed Chair Powell last Friday, indicating that the tight monetary policy is needed for some time. And ECB management committee Kazaks also said the ECB should raise interest rates by at least 50 basis points in September.

On Thursday, the Ministry of Economy and Finance of Peru predicted that copper prices might drop from $3.90/lb on average this year to $3.40/lb in 2023. Peru is the second largest copper producer in the world.

On August 24, the average price of spot EMM in the main producing regions across China stood at 14,500-14,700 yuan/mt, up 100 yuan/mt from the previous trading day.

According to the customs data, China's imports of tin ore and concentrate stood at 23,064 mt in July, up 21.17% YoY. The imports totalled 151,272 mt from January to July, up 39.72% YoY.

As of last Friday, the DMC Prices stood at 20,800-21,000 yuan/mt, up 1,850 yuan/mt or 9.7%.

On August 22, spot premiums of Jinchuan nickel were 5,300-5,500 yuan/mt. The average price stood at 5,400 /mt, down 350 yuan/mt from the previous trading day.

SHANGHAI, Aug 22 (SMM) - The costs of aluminium smelters remained largely stable last week.

SHFE base metals mostly closed with gains with support from the fundamentals as extensive power rationing has greatly dented the supply side, while it is worth attention that the consumption side has also been affected. LME base metals, on the other, closed mixed as investors await further guidance from economic performance on the September rate hike.

Pure nickel inventory in six regions totalled 7,692 mt last week, down 92 mt than a week ago. Nickel briquette inventory stood at 950 mt, flat from a week ago.

As the lead prices declined at the beginning of last week, most secondary lead smelters lowered the purchase prices of battery scrap by 25-50 yuan/mt. The cargo holders of battery scrap were less willing to ship and the smelters purchased as needed.