Commodity News
HeadLine : Shanghai base metals were mostly higher as Wall Street continued to sail to record highs
Date : Jan 8 2021
Shanghai base metals were mostly higher on Friday morning after stocks on Wall Street cruised to new record highs overnight. Meanwhile, their counterparts on the LME also rose for the most part. Shanghai base metals mostly advanced in overnight trading. Copper added 1.61%, aluminium rose 1.18%, lead increased 0.7%, zinc went up 1.05% and nickel strengthened 1.61%, while tin fell 0.44%. The LME complex performed similarly on Thursday. Copper advanced 1.23%, tin edged up 0.33%, zinc climbed 0.8% and nickel increased 1.97%, while aluminium and lead underperformed with 0.17% and 0.73% losses respectively. The US Congress confirmed that Biden was elected as the 46th President of the US, and Trump promised an orderly transfer of power. The Democratic Party will hold the White House and Congress at the same time, and a larger fiscal stimulus plan is expected. Investors are optimistic about the prospect that the Democratic Party will implement additional fiscal stimulus, and US stocks hit another record high. In addition, the ISM non-manufacturing PMI released last night in the US recorded 57.2, the highest since September last year. Today, the non-agricultural data of December will be released, waiting for the guidance of the non-agricultural report to the market. On the spot side, with a series of influences such as cold wave and pandemic, downstream processing will gradually decrease before the New Year. Inventory changes and fluctuations of the contract will be monitored, and premium was unlikely to remain high in the spot market as copper prices remained high.

Source : SMM

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