Commodity News
HeadLine : Shanghai base metals mostly lower following overnight strong rebound
Date : Jul 24 2020
SHFE nonferrous metals, except for nickel and tin, fell in early trade on Friday morning, as investors reacted to worsening US-China tensions and a sell-off in US markets overnight. The pullbacks came after strong rebounds overnight, as the US dollar was trading at its lowest against a basket of currencies since September 2018. SHFE nonferrous metals rebounded across the board in overnight trading. Sharp gains in North American trading hours sent nonferrous metals on the LME to close broadly higher on Thursday. Nickel soared 4.6% to lead the gains, zinc rose 1.5%, aluminium advanced 1.1%, lead rose 0.8% and copper was up 0.5%. The US dollar index, which measures the greenback against a basket of its peers, touched a fresh two-year trough of 94.515 in the morning of Asian trading hours on Friday. Oil prices, meanwhile, edged higher in choppy trading following pullbacks on Thursday. 

Source : SMM
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