Latest Update in the China Zinc Market

SHFE nonferrous metals increased broadly on Friday January 15. Aluminium added 0.92%, lead advanced 0.4%, nickel firmed 1.19% and tin rose 0.35%, while copper edged down 0.09% and zinc shed 1.67%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 15, 2021

Zinc inventories in China fell this week, with stocks in Shanghai and Guangdong decreasing relatively sharply. 

Shanghai base metals were mostly higher on Friday morning as investors reacted to the release of US President-elect Joe Biden's $1.9 trillion coronavirus rescue package. Meanwhile, their counterparts on the LME traded mixed.

The dollar drifted lower on Thursday in choppy trading, after Federal Reserve Chair Jerome Powell struck a dovish tone, saying the US central bank is not raising interest rates anytime soon and rejecting suggestions the Fed might start reducing its bond purchases in the near term.

SHFE nonferrous metals were mostly lower on Thursday January 14. Copper shed 0.17%, aluminium weakened 0.4%, zinc fell 1.85% and tin edged down 0.01%, while lead rose 1.81% and nickel gained 1.37%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 14, 2021

Nonferrous metals on the SHFE were mostly higher on Thursday morning, and their counterparts on the LME mostly cruised lower, as investors awaited the release of Chinese trade data for December and monitored vaccine rollouts and coronavirus containment measures.