Commodity News
HeadLine : Base Metals Mostly Fell amid Weakened Demand
Date : Sep 29 2021
Shanghai base metals mostly fell after Fed’s hawkish statements and amid the weakened demand before the China’s National Day holiday. Meanwhile, their counterparts on LME basically fell as well. LME metals mostly went down in the trading on Tuesday night. Copper dropped 1.01%, lead fell 0.46%, zinc decreased 0.79%, and aluminium rose 1.0%. SHFE metals performed similarly overnight. Copper lost 1.04%, lead fell 0.62%, zinc dropped 0.33%, and aluminium rose 1.05%. The Fed released a series of hawkish statements yesterday. Powell said that the macro economy has almost met the conditions for reduction of bond purchase. The US dollar index jumped to its highest point since early November last year. The strengthening of the US dollar, the uncertainty of the US debt ceiling, China’s release of national reserves, and the recent power rationing forced copper futures to fall back. In the spot market, inquire were scarce amid the risk aversion sentiments. Under the influence of power power rationing, the downstream production will be reduced during the National Day holiday, and the fourth batch of the national reserves will be released after the holiday.

Source : SMM

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