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| Commodity News |
| HeadLine : |
Shanghai base metals mostly lower on Monday morning |
| Date : |
Aug 3 2020 |
Shanghai base metals mostly lower on Monday morning. US dollar plunged last week, while gold prices climbed above $1,900 per ounce. Nonferrous metals prices on the LME were mixed on Friday July 31. Copper declined 1.23%, aluminium fell 0.84%, nickel shed 0.33% and lead weakened 0.33%, while zinc jumped 0.87% and tin rose 0.53%. On the SHFE, nonferrous metals, except for zinc and lead moved lower on Friday night. Copper fell 1.05%, aluminium declined 0.61%, nickel shed 0.31% and tin weakened 1.4%, while zinc surged 1.14% and lead increased 0.96%. US dollar headed for the biggest monthly drop in a decade as virus fueled US economy fears. The US dollar index slid as low as 92.54 in early trading on July 31, a level last seen in May 2018, before rebounding to close at 93.45. Oil gains nearly 1%, posted third straight month of gains, benefiting from news that US oil output cuts in May were the largest on record. Three-month LME copper closed 1.23% weaker at $6,376/mt on Friday. It is expected to trade between $6,300-6,360/mt today. The most-liquid SHFE 2009 copper contract ended 1.05% lower at 51,100 yuan/mt on Friday night. It is likely to move between 50,700-51,100 yuan/mt today. Spot premiums are seen strong at 50-100 yuan/mt as funds are ample in markets on the first trading day of August.
Source: Reuters
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