Commodity News
HeadLine : Shanghai base metals rose for the most part, Lead surged nearly 2.5%
Date : Aug 7 2020
Nonferrous metals on the SHFE mostly increased on Friday morning, holding onto overnight gains, and lead surged nearly 2.5% whereas on the LME, base metals prices were mixed. On the SHFE, nonferrous metals, except for aluminium, cruised higher in overnight trading. Copper added 0.21%, zinc advanced 0.44%, lead surged 1.98%, nickel rose 0.4% and tin edged up 0.03%. Their counterparts on the LME increased for the most part on Thursday. Aluminium strengthened 0.99%, zinc jumped 1.07%, lead surged 1.93% and nickel increased 1.3%, while copper and tin were nearly flat. Three-month LME copper held steady on Thursday and finished the day at $6,486/mt. It is likely to move between $6,460-6,510/mt today. It is likely to move between $6,460-6,510/mt today. Three-month LME aluminium ended 0.99% higher at $1,778/mt on Thursday.  The most-active SHFE 2010 nickel contract soared to a session high of 116,500 yuan/mt as fewer Americans sought jobless benefits in the week ended August 1, but later pared all gains and fell to a session low of 114,150 yuan/mt, before closed 0.4% higher at 115,290 yuan/mt in overnight trading.

Source: Reuters
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