Commodity News
HeadLine : Base Metals Rose across the Board on Low Employment Data
Date : Oct 11 2021
Shanghai base metals all trended higher on Monday morning boosted by the unexpectedly low US employment data. Meanwhile, their counterparts on LME trended mixed. LME metals all rose in the intraday trading last Friday. Copper rose 0.47%, aluminium increased 0.69%, lead gained 1.85%, and zinc won 3.55%. SHFE metals also rose across the board last Friday night. Copper edged up 0.10%, aluminium gained 1.43%, lead settled 0.1% higher, zinc rose 2.03%, and nickel won 1.74%. the employment report released by the US Department of Labour last Friday showed that the non-farm payrolls in September were far below the market expectation of 500,000, and only 194,000 jobs were added, the smallest increase in nine months. It dragged down the US dollar index and boosted the copper futures. The trading in the spot market was average. The rising prices after the National Day holiday curbed the downstream purchase, and the market participants were mostly wait-and-see. The overall domestic inventory remained low despite the slight increase, and the price spread remained in a large backwardation structure. The spot premiums are expected to fall back from the high levels before the delivery. 

Source: SMM
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