China Iron Ore Prices to Have Upside Room This Week

COMEX gold futures prices fell slightly after opening today.

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

DCE iron ore futures declined by 1.39% today, the main contract closed 675.5. The traders' willingness to ship is general .The steel mills are purchase on demand.