Insights & more

Shanghai base metals fall as virus cases rise in China



Shanghai prices of industrial metals fell on Monday as top metal consumer China saw its biggest daily increase in COVID-19 cases in more than five months.


The most-traded February contract on the Shanghai Futures Exchange fell 3% to 14,585 yuan ($2,250.25) a tonne at 0151 GMT.


The February zinc contract declined 2.5% to 21,090 yuan a tonne, while the March nickel contract was down 2% to 130,210 yuan a tonne. Both metals are used in steelmaking.


China’s Hebei province, a major hub for making steel and lead-acid batteries, accounted for 82 of the 85 new local infections reported on Jan. 10, the National Health Commission (NHC) said in a statement.


The total number of new COVID-19 cases stood at 103, the highest since 127 cases were reported on July 30.


FUNDAMENTALS


* Three-month copper on the London Metal Exchange fell 1.1% to $8,044.50 a tonne, and ShFE copper declined 1% to 59,450 yuan a tonne. LME lead was down 1.1% to $1,980 a tonne.


* Zinc inventories in ShFE warehouseson Friday rose 22.5% from Dec. 31, 2020, to 35,008 tonnes, and lead stockpilesincreased 11.5% to 51,157 tonnes, exchange data showed.


MARKETS NEWS


* Asian shares took a breather while Treasury yields were at 10-month highs as “trillions” in new U.S. fiscal stimulus plans were set to be unveiled this week, stoking a global reflation trade.


Source: Reuters (Reporting by Mai Nguyen; Editing by Ramakrishnan M.)



Get An Instant Quote?

Uneship Logistics

4576 Edison Ave

Chino, CA 91710

Email: info@uneship.com

Phone: +1 (909) 247-1981

© 2018 by Uneship Logistics