Spot Copper Prices in China to Fall This Week

LME copper closed at $8,906.5/mt in overnight trading, a gain of 0.08%. Trading volume was 15,000 lots and open interest stood at 254,000 lots. The most active SHFE 2303 copper contract finished at 68,190 yuan/mt overnight, up 0.22%. Trading volume was 31,000 lots, and open at 159,000 lots.

On the evening of January 31, LB Group announced that from February 1, 2023, all specifications of titanium dioxide of the company (including sulphuric acid process titanium dioxide, titanium dioxide by chlorination method) would be raised by 1,000 yuan/mt for various domestic customers and $150/mt for international customers from the original prices.

In June, the market was in anticipation of the sharp interest rate hikes in the Europe and US and the global economic recession, and the shorts completely took over the commodity market.

SHANGHAI, Jun 24 (SMM) - According to SMM survey, the market demand for aluminium plate/sheet and strip this week was still not optimistic.

SHANGHAI, Jun 23 (SMM) - Nickel prices have begun to correct down since June 9, falling over 4% in a single day as of CST 18:11 yesterday.

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 709.5,decreased of 5.96%.

Huayou Cobalt issued an announcement on investment that the company plans to jointly build Huashan Nickel-Cobalt with an annual output of 120,000 mt of Ni content and nickel-cobalt hydroxide hydrometallurgy project with Glaucous through its wholly-owned subsidiary Huatuo International Development Pte. Ltd.

LME lead opened at $2,056/mt and rose by 2.34% to $2,098/mt overnight, after hitting the lowest point of $2,042/mt and the highest point of $2,099.5/mt. During the Asian trading hours, affected by the SHFE lead, LME lead fluctuated between $2,050-2070/mt while in the European trading hours,  LME lead hit one-month low amid the increase of US dollar and then rose up due to the increase of SHFE lead. The most traded SHFE 2207 lead contract opened at 14,960 yuan/mt overnight and rose up to 15,195 yuan/mt as the lead ingot warrant inventories declined by 8,000 mt, and finally closed at 15,180 yuan/mt, up 1.71%. The open interest decreased by 5,454 lots from the previous trading day to 44,274 lots.

Technology analyst company CCS Insight said in its latest global market forecast report that 5G mobile technology users will exceed 1 billion in 2022.

Manganese ore import prices differed significantly in May. The monthly average price of Australia lump remained at 62 yuan/mtu, flat MoM.