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| Commodity News |
| HeadLine : |
Shanghai base metals jump on Chinese demand, rising supply fears |
| Date : |
Aug 6 2020 |
Several Shanghai base metals were up sharply in early trade on Thursday and struck multi-month highs overnight, as demand in top consumer China strengthened and investors worried about coronavirus-hit supply overseas. Nickel leapt as much as 5% in Shanghai night trading to its highest level since Nov. 19, after key miner the Philippines reimposed a lockdown in parts of the country, while zinc - supply of which has been hit by mining curbs in Peru - jumped 3.5% to its highest in more than a year. The most-traded October nickel contract on the Shanghai Futures Exchange was up 2.7% at 114,570 yuan ($16,508.88) a tonne, having touched 117,220 yuan overnight. London Metal Exchange nickel was flat at $14,420 after closing up 0.2% in the previous session. Three-month LME copper was flat at $6,495 a tonne, after closing up 0.6% on Wednesday. ShFE copper added 0.3% to 51,560 yuan a tonne.
Source: Reuters
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