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Futures prices of most non-ferrous metals including copper, aluminum, zinc and nickel on the Shanghai Futures Exchange lost ground this week on macro-economic factors, both in the domestic and global markets, which investors believed reflected a gradual slowing economy, market sources said.
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The most-traded copper contract on the Shanghai Futures Exchange, that for November delivery, closed at Yuan 50,800/tonne ($7,362/t) on October 12, up by Yuan 590/t from Thursday’s settlement price.
Domestic copper futures have performed strongly this week, after China’s long National Day holiday break, with the SHFE’s copper price standing firmly
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Prices of non-ferrous metals on the Shanghai Futures Exchange Friday received a boost after news broke that the US had invited China for talks on trade issues, encouraging investors to believe that trade friction between the world’s two largest economic powers might ease, Mysteel notes.
Copper, the most active non-ferrous
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The futures price for rebar on the Shanghai Futures Exchange (SHFE) ended higher on week as of Friday, as investors were encouraged by improved market sentiment in the physical market. Other positive factors included the ongoing output cuts among steelmakers and the approaching round of additional environmental facility inspections, Mysteel notes.
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Most base metals contracts on the Shanghai Futures Exchange (SHFE) ended lower week-on-week on Friday August 3, weighed down by the renewed trade tensions between China and the United States and a stronger US dollar.
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The profits of China's major industrial enterprises totaled Yuan 7.52 trillion ($1.2 trillion) in 2017, and the year-on-year increase at 21% was far higher than 2016's 8.5%, or the highest since 2012, thanks to China's continuing efforts in removing the excess capacities from the sectors such as coal, steel, and aluminum, as well as in lowering production costs, according to the latest release from China's National Bureau of Statistics (NBS) on January 26.
