Macquarie: Nickel Surplus Will Remain at Least Until 2027

Overnight, U.S. climate envoy Kerry held talks with Chinese officials, saying that China-U.S. climate relations still need “more work”; the IMF said that the appreciation of the dollar would hit emerging markets more than developed economies; China will announce July LPR on Thursday, and Reuters polls show that expectations for stability are unprecedentedly consistent; South Africa said that Russian President Vladimir Putin will not attend the BRICS summit in August.

The U.S. Department of Labor announced that the annual rate of CPI in June fell from 4% in June to 3%, lower than the expected value of 3.1%, the reaction to the current U.S. inflation has eased, the market from the pessimistic expectations of the U.S. for two consecutive interest rate hikes to the year to raise interest rates by only 25 benchmark points.

LME zinc prices closed with gains overnight. LME zinc stocks fell 775 mt to 72,150 mt. The U.S. consumer price index (CPI) rose 3.0% year-on-year in June, the smallest year-on-year increase since March 2021, after rising 4% in May. As the Fed's interest rate hike expectations weakened, the U.S. dollar index dipped to a a-year low point.

SMM July 11 news: overnight copper opened at $ 8302.5 / ton, the beginning of the plate lower bottomed out at $ 8285 / ton, and then all the way higher near the end of the plate touched higher than 8387 U.S. dollars / ton, the end of the plate finally closed at 8383 U.S. dollars / ton, the turnover to 12,000, the number of positions to 259,000, or up 0.2%.

Shanghai nonferrous metals closed mostly with losses in day trading. 

Crude oil prices fell today. As of 15:01 CST, WTI oil fell 1.23% and Brent oil went down 1.18%. The market is still cautious about the US debt ceiling negotiations and there is still concerns about the recovery of China's demand.

SHANGHAI, May 22 (SMM) -The futures technical indicators suggest that the most-traded SHFE aluminium contract may move downwards or rangebound this week.

Shanghai nonferrous metals closed mostly with losses in day trading.

Copper prices fell after increasing in April.

On the evening of May 10, the seasonally adjusted US CPI annual rate for April recorded 4.9%, lower than the forecast and previous readings of 5%.