Citibank upgraded its rating for Tianqi Lithium’s Hong Kong shares to Buy, with a target price of HK$42; and upgraded its rating for Tianqi Lithium’s A shares to Buy, with a target price of RMB 48.

Analysts at US Citibank see the 1.2 percent quarterly rate of the U.S. labor cost index in the first quarter as a sign that there has been little relief from the underlying driver of excessive inflation, a tight labor market that pushes up labor costs and then passes them on to higher prices.

Citibank issued a report saying that the recent European and American banking crises have highlighted that China is a relatively safe haven this year.

Although Singapore's iron ore swap has reached the $110/mt mark, Citibank expects iron ore to resume its decline and advises traders to sell during the rebound.

Guests at the LME Week cast their votes on which metal has the most upside potential for 2024 and below are the results:

SHANGHAI, Jun 16 (SMM) – SMM data showed pure nickel stocks in Shanghai bonded zone were 4,800 mt (3,130 mt of nickel plates and 1,670 mt of nickel briquettes) as of June 16, up 300 mt on a weekly basis.

SHANGHAI, Oct 11 (SMM) – The ongoing 2023 SMM LME LONDON EVENT, being held at ST. Pancras Renaissance Hotel London, Euston Rd., London NW1 2AR, has brought together major industry players and commodity experts to share their valuable insights and unique perspectives on new energy and base metals outlook.

SHANGHAI, Jun 19 (SMM) – The most-traded SHFE 2307 aluminium contract opened at 18,650 yuan/mt at last Friday’s session, and closed at 18,665 yuan/mt, with its low of 18,540 yuan/mt, up 35 yuan/mt or 0.19%.

On April 8 (Tuesday), LME copper and aluminum futures prices gave up earlier gains and resumed their decline as hopes for a swift resolution to tariff negotiations between the US and other countries faded. At 17:00 London time (00:00 Beijing time on April 9), LME three-month copper closed down $76.5, or 0.88%, at $8,655.5 per mt. Since the US announced tariffs last week, which sent global markets into turmoil, copper prices have fallen by approximately 11%. Citibank stated that the new tariffs would impact global copper consumption and manufacturing sentiment in Q2. Analysts noted that the recent declines in copper and aluminum have stimulated consumer demand, providing some support to the market. Since the US announced tariff hikes, the premium for copper at China's Yangshan port has surged 26% to $87 per mt, the highest since December 2023. In other metals, LME three-month aluminum closed down $21.5, or 0.91%, at $2,349 per mt. Aluminum prices have fallen for 14 consecutive trading days, dropping by about 12% since March 19. Three-month tin led the decline in base metals, closing down $1,326, or 3.91%, at $32,603 per mt. LME daily data showed that tin inventory increased to 3,435 mt, with nearly 500 mt delivered to Malaysian warehouses, easing concerns about recent tin supply. The premium for spot tin over three-month tin was $50 per mt, down from $234 on Monday.

The most-traded SHFE aluminium contract experienced volatility in the period of May 12-June 12, with its monthly low and high at 17,455 yuan/mt and 18,535 yuan/mt respectively.