Commodity News
HeadLine : Base Metals Mostly Bottomed out during Holiday
Date : Oct 8 2021
Shanghai base metals rose across the board on the morning of the first trading day after the National Day long holiday. Meanwhile, their counterparts on LME all went up as well. SHFE market was closed from October 1 to October 7 and reopened today. LME non-ferrous metals basically bottomed out during the holiday and closed mixed yesterday. Copper fell 2.32%, and aluminium rose 1.55%, and lead increased 2.1%. The US weekly initial unemployment claims increased for three consecutive weeks to 362,000 people as of September 25. The recovery of the US job market was uneven, and the US dollar index fell. However, the market is increasingly concerned about the slowing economic growth, high inflation, supply chain bottlenecks, and tight global energy supply. The market still had concerns about the Fed's reduction of monetary stimulus measures. US stocks plummeted last night, and LME copper fell. On the supply side, Qinghai plans to reduce the aluminium capacity currently in operation by 30% after the National Day holiday, while one aluminium plant in Ningxia plans to reduce its capacity by about 80,000 mt/year. The aluminium capacity that was closed due to power shortage and energy consumption control previously did not resume. 

Source: SMM

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