COMEX Gold Futures Decline, eye on February US Non-farm Payroll Data

Rebar futures prices fluctuated with occasional falls yesterday and lost 0.64% throughout the day.

LME zinc opened at $3,067/mt overnight and closed down $40/mt or 1.3% at $3,033/mt.

In the past two weeks, LME copper prices rebounded and hit a 7-month high of $9,250/mt, while the growth in positions of SHFE copper was far slower, with the SHFE/LME copper price ratio falling to around 7.55. Import losses of SHFE near-month contracts stood at 1,400 yuan/mt at one point. Why did LME copper outperform SHFE copper? 

SHFE nickel price rose nearly 16% throughout December.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 11, 2023

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 9, 2023

SHFE nickel lost nearly 10% last week owing to the frequent events on the macro and news front.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 3, 2023

Shanghai nonferrous metals closed mixed as the investors stay keen to the imminent Jackson Hole speech to be delivered by Powell, who is expected to provide more clues on the pace and direction US rate hike.

In July, the sales volume of excavators in China added 3.4% year-on-year, the first positive growth YoY since May last year. Except for driving forces like the acceleration of the issuance of special bonds and the expedited infrastructure investment, the growth is mainly attributable to strong export orders.