Commodity News
HeadLine : Shanghai base metals fell across the board as investors awaited the release of Chinese inflation data for December
Date : Jan 11 2021
Nonferrous metals on both SHFE and LME declined across the board on Monday morning. Developments on the coronavirus front will likely continue to be monitored by investors and could weigh on sentiment. Shanghai base metals fell across the board in overnight trading. Copper fell 0.62%, aluminium declined 1.49%, zinc shed 2.16%, tin weakened 1.62%, lead slid 2.46% and nickel edged down 2.64%. The LME complex fell across the board on Friday. Zinc plunged 3.15% to lead the losses, copper fell 1.07%, aluminium weakened 0.39%, tin slid 0.73%, lead edged down 1.99% and nickel dropped 3.01%. According to data released by the US Department of Labor on Friday, the nonfarm payrolls unexpectedly decreased by 140,000 in December, which was significantly lower than the expected increase of 50,000. As the pandemic continues to deteriorate, it has dealt a serious blow to employment, and the recovery of the labor market has stalled. At night, dragged down by nonfarm data, copper prices dropped sharply with the market cautious sentiment, while Biden proposed to introduce trillions of economic stimulus measures, and will announce the details of the stimulus plan next Thursday. Biden administration's economic stimulus plan offset the pessimism of negative nonfarm data. Under optimistic expectations, the three major indexes of US stocks hit a new closing high, and the decline of copper contract also narrowed. On the spot side, traders lack the willingness to receive goods and have a strong sense of avoiding risks.

Source : SMM
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