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.

DCE iron ore was was shocked and keep upaward all the day.The main contract closed at 735,increased of 3.01%. Traders are generally motivated to ship.

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.

Despite of the slightly expanding gap between supply and demand, the overall price growth may remain stable or drop slightly.

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%.

Overall, the overseas supply still faces relatively great risks, so LME zinc is expected to remain rangebound at highs. LME zinc prices are estimated to move between $3,400-3,700/mt this week.

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.