Commodity News
HeadLine : Shanghai base metals steadied with investor sentiment supported by positive vaccine news
Date : Jul 21 2020
SHFE nonferrous metals were steady on Tuesday morning, holding onto overnight gains, as investor sentiment was supported by a slew of positive news on the coronavirus vaccine front. In overnight trading, metals moved higher for the most part. On the LME, nonferrous metals were also mostly higher, building on the previous session's bounce. On Monday, LME lead advanced 0.9% to lead the gains, zinc climbed 0.8%, tin and copper rose 0.6% and nickel gained 0.5%, while aluminium bucked the trend with a paltry 0.03% dip. The US dollar index, which measures the greenback against a basket of its peers, slipped to its weakest in more than four months at 95.605 in the morning of Asian trading hours on Tuesday, while oil prices climbed. Three-month LME copper advanced 0.58% to $6,474.5/mt on Monday, after hitting an intraday high of 6,522.5 earlier in the session. It is expected to trade between $6,470-6,530/mt today. The most-active SHFE September contract climbed to a session-high of 52,310 yuan/mt in overnight trading, before easing to end 0.55% higher at 51,650.

Source : SMM

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