Commodity News
HeadLine : Base Metals Generally Increased Despite Strengthened US dollar
Date : Sep 23 2021
Shanghai base metals basically cruised higher on Thursday morning amid strong restocking demand before China’s National Day holiday. Meanwhile, their counterparts on LME performed similarly. LME base metals generally rose in the intraday or overnight trading on Wednesday. Copper gained 3.09%, aluminium rose 3.13%, zinc increased 1.05%, and lead fell 1.33%. SHFE base metals closed mixed overnight. Copper gained 0.44%, aluminium rose 1.02%, lead fell 0.6%, and zinc dropped 0.46%. Evergrande Group agreed to pay bond interest yesterday, which eased market worries to a certain extent, and copper futures closed higher overnight. In addition, Fed Chairman Powell said that it may start to reduce the scale of asset purchases in November and complete the reduction by mid-2022. Affected by its statement, the US dollar index rebounded sharply overnight, which is expected to put some pressure on copper prices today. Market trade picked up on the first trading day after the holiday yesterday. Despite the dual control policy impact in Jiangsu, Zhejiang, Shandong, and other regions, downstream users still need to restock for the 7-day National Day holiday. Spot premiums are expected to stand firm before the long-term order delivery this week. 

Source: SMM
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