The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on June 2, 2020
Brazilian iron ore miner Vale reiterated that it will hold the 2020 iron ore fines production guidance at 310-330 million mt, unchanged from the recently-revised target set in the company’s Q1 output report. Iron ore shipments from Brazil are expected to rise further in the near term.
SHFE nonferrous metals, except for tin, ticked lower on Tuesday morning, as tensions between the US and China remained in the spotlight. On the LME, copper and zinc cruised lower in the morning of Asian hours on Tuesday, while aluminium rallied somewhat. Nickel and lead were little changed in wild trading.
The US dollar fell against a basket of rivals for a fifth straight trading day on Monday as risk sentiment improved on optimism that the worst of the economic downturn caused by the global spread of the coronavirus may be in the past.
Physical iron ore port stock prices surged today, PBF trading around 765-770yuan/mt, though many mills declined to take part in trade today and total concluded transactions were down on Friday last week.
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