SHFE nonferrous metals closed higher across the board on Thursday February 22, as global markets jumped following reassuring comments from Federal Reserve Chairman Jerome Powell on the inflation outlook.
SHANGHAI, Feb 25 (SMM) – SHFE nonferrous metals closed higher across the board on Thursday February 22, as global markets jumped following reassuring comments from Federal Reserve Chairman Jerome Powell on the inflation outlook.
Aluminium was the best performer with a rise of 5.05%. Copper surged 3.63%, tin advanced 1.54%, nickel climbed 1.65%, zinc increased 1.05% and lead went up 0.45%.
The ferrous complex also rose across the board. Iron ore increased 1.39%, rebar rose 2.52%, and hot-rolled coil climbed 2.4%.
Copper: The most-traded SHFE 2104 copper contract finished the day 3.63% higher at 70,150 yuan/mt. Open interest rose 756 lots to 154,000 lots.
The content below was translated by Tencent automatically for reference.
Recently, Meidy Katrin Lengkey, secretary general of the Indonesian Nickel Miners Association (APNI), said that the recovery of covid-19 vaccine and vaccination will improve nickel production and sales performance this year. By 2020, APNI member companies recorded 40 million tonnes of nickel ore sales to smelters, accounting for about 40 per cent of last year s total work plan and budget (RKAB). Meidy said that nickel mining activity has begun to normalize, especially the recent rise in nickel prices. of course, this will stimulate nickel miners to increase capacity or make the most of existing RKAB quotas.