Commodity News
HeadLine : Base metals pulled back after Monday’s surge
Date : Jul 14 2020
Nonferrous metals fell across the board on Tuesday morning, taking a breather from their recent rally, as investors awaited the release of Chinese trade data for June, which could provide more clues on the pace of China’s economic recovery from the COVID-19 crisis. The pull-back in the nonferrous complex followed strong performance in the previous session. On Monday, LME nonferrous metals moved broadly higher, with zinc surging 3% to lead the way higher. Copper jumped 1.8%, lead climbed 1.6%, nickel advanced 1.2%, and aluminium inched up less than 0.1%. On the SHFE, nickel soared 2.1% to the biggest gainer in overnight trading, zinc jumped 1.7%, lead climbed 1.1%, copper rose 0.7%, aluminium advanced 0.6%. The US dollar index, which tracks the greenback against a basket of its peers, was steady in the morning of Asian trading hours on Tuesday, while oil prices, weakened, extending losses from the previous session. Escalated worries about supply from top producer Chile gave a boost to copper prices. 

Source : SMM
News Archives: