Commodity News
HeadLine : Shanghai base metals set for a mixed start ahead of China’s fourth-quarter GDP data release
Date : Jan 18 2021
Shanghai base metals and their counterparts on the LME set for a mixed start on Monday morning. China is going to release its total retail sales of consumer goods for December and fourth-quarter GDP today. Shanghai base metals mostly closed lower last Friday night. Copper slid 1.13%, lead edged down 0.07%, zinc shed 1.53% and nickel weakened 1.07%, while aluminium firmed 0.37% and tin rose 1.4%. The LME complex fell for the most part last Friday. Copper weakened 1.86%, aluminium declined 1.29%, lead slid 1.44%, zinc plunged 2.49% and nickel slipped 1.47%, while tin gained 0.19%.  US retail sales declined further in December as renewed measures to slow the spread of COVID-19 undercut spending at restaurants and reduced traffic to shopping malls, the latest sign the economy lost considerable speed at the end of 2020. Retail sales dropped 0.7% last month, the Commerce Department said on Friday. Data for November was revised down to show sales declining 1.4% instead of 1.1% as previously reported.  The US dollar index increased as COVID-19 continues to spread around the world, which pressured copper prices.  Zinc stocks across LME-listed warehouses fell by 475 mt to 198,700 mt. The US dollar strengthened last Friday amid weak US economic data, but President-elect Joe Biden’s economic stimulus plan will limit the decline in zinc prices.

Source : SMM

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