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By August 12, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had closed higher on week by the end of the metals' daytime trading sessions that day, mainly as non-ferrous market sentiment improved with the easing of concerns about U.S. inflation, sources said.
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The most-traded Chinese copper and nickel contracts on the Shanghai Futures Exchange (SHFE) closed further higher on week when the daytime trading sessions ended on August 5, the exchange's data showed, while the SHFE's most-traded aluminum contract reversed down.
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By the end of the daytime trading sessions on July 29, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had continued climbing on week, the exchange's data showed. Market sources said that non-ferrous market sentiment had shown signs of recovery after the US Federal Reserve raised interest rates as had been expected.
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By the end of the daytime trading session on July 22, the most-traded futures contracts for copper, nickel and aluminum on the Shanghai Futures Exchange (SHFE) had made up some of their previous falls, closing higher from their respective levels on July 15, exchange data show. A Shanghai-based analyst remarked that the uptick suggested the jittery sentiment in China's non-ferrous market had calmed a little of late.
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The pessimism prevailing in global commodities markets meant that as of July 15, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had declined further on week at the close of their daytime trading sessions. Market sources suggested that the record high inflation in the U.S. and concerns about Europe's growing energy crisis were fuelling the pessimism.
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China's imports of copper ore and concentrates over January-June increased by 8.6% on year to a total of 12.5 million tonnes, according to the latest data from China's General Administration of Customs (GACC) released on July 13.
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The most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) plunged this week, as bearish sentiment in the market had caused prices to slump, market sources said.
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As of July 1, the most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had declined further on week by the end of the metals' daytime trading sessions that day, mainly as global recession worries have mounted, sources said, with the bearish sentiment causing nonferrous metals futures to trend further downwards.
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The most-traded copper, aluminum and nickel contracts on the Shanghai Futures Exchange (SHFE) had another bad week this week, closing significantly lower on week at the end of the daytime trading sessions on June 24, as pessimistic sentiment wreaked havoc on the nonferrous commodities, sources said.
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Base metals prices on the London Metal Exchange (LME) showed positive trends this week after fluctuating and trending lower over the past few weeks, However, aluminium was one exception that witnessed a negative price trend.
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Turkey's imported scrap market hit bottom in the recent round of deals. Tokyo Steel and Shagang Steel trimmed scrap purchase prices further in the week. South Korea's major mills resumed bidding for Japanese scrap. South Asia imported scrap trading improved, except India.
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Turkey's imported scrap market concluded a few short sea deals this week. Japan's Tokyo Steel's prices fell thrice during the week by a total of JPY 3,500/t. The South East Asian scrap market demand remained sluggish due to dull finished steel market. The imported scrap market in India and Pakistan concluded multiple deals throughout the week unlike Bangladesh.
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Base metals prices on the London Metal Exchange (LME) were mostly up w-o-w last week. Chinese officials' announcement of the gradual unlocking of regions such as Shanghai also spurred base metal prices higher.
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Domestic base metals prices showed a downtrend for yet another week amid poor demand. On the other hand, recently released figures show inflation at eight-year high in April, which may trigger foreign direct investment (FDI) withdrawl which is a cause for worry for both equity and commodity markets.
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Domestic base metals prices showed a downfall this week amid poor demand. On the other hand, decline in LME base metals due to Covid-19 shutdowns in China continuing to put downward pressure on prices.
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The global billets market remained muted this week on bid-offer disparities, weak steel sentiments and limited trading activity.
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Domestic base metals prices showed diverse trends this week. Domestic aluminium and nickel prices were almost stable with some minor fluctuations, while zinc and copper witnessed positive movement this week.
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Domestic base metals prices reflected an uptrend throughout the week, although the market remained closed on 15 Apr'22 due to Good Friday.
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Indian spot steel trade remained volatile during Week 37 (6 Sept-11 Sept’21). The Indian semi-finished steel market saw volatility in prices. However, domestic billet prices fluctuated by INR 100-300/t; sponge iron prices fluctuated by INR 100-750/t.
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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for October dipped by another Yuan 38/tonne ($5.4/t) on week to Yuan 3,343/t by the end of daytime trading on Friday, as domestic futures-market sentiment remained generally cautious.
