LMO Prices to Decline in Mar

As of last Friday September 9, the SMM Imported Copper Concentrate Index (weekly) stood at $81.96/mt, $2.71/mt higher than the previous week.

In the spot market, Jinchuan nickel was quoted at premiums of 11,000-10,500 yuan/mt as of September 7, averaging at 10,250 yuan/mt, which was down 250 yuan/mt from a day ago.

In Tianjin, #0 zinc ingot was mostly traded at 25,600-25,810 yuan/mt, Zijin zinc 25,750-25,880 yuan/mt, and Huludao zinc 30,260 yuan/mt.

From August 15 to August 21, the copper scrap throughput of East China Nonferrous Metals City was about 17,100 mt, a week-on-week increase of 33.11%.

SHFE and LME aluminium prices rose boosted by the news of the production reduction of overseas aluminium smelters. Around noon time, SHFE aluminium has already outperformed SHFE zinc with a gain of more than 4%. LME aluminium stayed on the upward trajectory as well and once recorded an increase of more than 2%.

The most-traded stainless steel futures has fallen for two consecutive days after fluctuating sideways for quite some time. It once fell by more than 3% in the day session today, and finally closed the day with a loss of 2.84%.

The spot prices of industrial grade-0 lithium carbonate gained 1,000 yuan/mt to 453,000-458,000 yuan/mt, with its average price up 1,000 yuan/mt in a single day to stand at 455,500 yuan/mt.

SHANGHAI, Aug 5 (SMM) - Following a small rebound, SHFE and LME copper fell again this week, with SHFE copper down for three consecutive days, and LME copper down for four consecutive days.

LME and SHFE base metals closed mostly with gains as the US dollar index ended its short-term rebound and closed down by 0.55% yesterday. The Bank of England raised the interest rates by 50 basis points on Thursday, the largest increase in 27 years, and at the same time warned that a long-term recession was coming.

However, the production cut wills weakened with the estimated restoring profits following the fall in the prices of chrome ore and coke. Ferrochrome plants, especially those in north China, maintained high operating rates with cost advantage.