JPMorgan Chase Forecast Copper Prices to Reach $9,100/mt by the End of 2023

The lead-acid battery market was cold before the Chinese New Year as the logistics services were halted and some large-sized traders were closed for holidays.

In the spot market, the most traded SHFE nickel contract changed to SHFE 2302 contract.

Two EV makers in China have followed the footsteps of Tesla in cutting prices, sparking expectations that the price war will spill over to more EV makers.

Shanghai nonferrous metals closed mostly with losses as the investors priced in the rate hike expectations, and some even expected a 100bps rate hike at the September Fed rate meeting.

In terms of fundamentals, the supply of domestic copper cathode has shown signs of growth. In the short term, with the cooling weather in China, the smelters affected by the power restriction policy in east and central China have improved their production to varying degrees.

After stabilising briefly in the previous trading day, the SMM Price showed that the prices of domestic lithium carbonate and lithium hydroxide were again on the upward track today.

On August 31, spot prices of stainless steel in Wuxi and Foshan markets were stable, but prices of #304 hot-rolled decreased slightly.

According to some reports, on August 24th, Camel Group Co., Ltd. (601311. SH) said at the semi-annual performance briefing in 2022 that the company planned to invest in a recycling project of 100,000 mt of used lithium batteries.

SHANGHAI, August 23 (SMM) - SMM assessment showed that the price of lithium carbonate has continued to rise in recent weeks.

Affected by the high temperature, the power supply was tight in Anhui, and many places issued power rationing notices.