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ShFE Base Metals Jump on Chinese Demand, Rising Supply Fears

6 Aug 2020 8:19 am
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Mumbai (Commodities Control) – Several Shanghai base metals were up sharply in early trade on Thursday and struck multi-month highs overnight, as demand in top consumer China strengthened and investors worried about coronavirus-hit supply overseas.

Nickel leapt as much as 5% in Shanghai night trading to its highest level since Nov. 19, after key miner the Philippines reimposed a lockdown in parts of the country, while zinc – supply of which has been hit by mining curbs in Peru – jumped 3.5% to its highest in more than a year.

Shanghai lead was the other big gainer, rising 2% overnight to its highest since Oct. 23.

The most-traded October nickel contract on the Shanghai Futures Exchange was up 2.7% at 114,570 yuan ($16,508.88) a tonne as of 0138 GMT, having touched 117,220 yuan overnight. London Metal Exchange nickel was flat at $14,420 after closing up 0.2% in the previous session.

ShFE zinc was up 2.1% after hitting 19,550 yuan a tonne overnight, its highest since July 1, 2019, while lead was up 1.5% at 16,070 yuan.

Three-month LME copper was flat at $6,495 a tonne, after closing up 0.6% on Wednesday. ShFE copper added 0.3% to 51,560 yuan a tonne.

Chile's largest copper mines boosted output in June, according to government statistics, even as the coronavirus outbreak hit.

Copper stocks in LME registered warehouses at 122,450 tonnes are at their lowest since the middle of January and down more than 50% since May.

Three-month LME copper is likely to trade between $6,470-6,520/mt today. ShFE September contract is expected to move between 51,700-52,100 yuan/mt today.

(Commodities Control Bureau)

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