The dollar paused for breath on Tuesday as traders looked to testimony from US Federal Reserve chair Jerome Powell for guidance, after a surprise shift in the central bank’s policy outlook, while cyptocurrencies nursed heavy losses.
China’s National Food and Strategic Reserves Administration announced to release the first batch of national metal reserves, with the total amount of copper at 20,000 mt, zinc at 30,000 mt, and aluminium at 50,000 mt.
A total of 78 vessels carrying 11.86 million mt of iron ore arrived at major Chinese ports during June 13-19, SMM estimates. This was down 1.29 million mt from the previous week, and down 4.33 million mt from the same period last year.
SHFE nonferrous metals broadly closed higher across the board on Tuesday June 22, triggered by the Fed's updated inflation projections and a shortening of its interest rate hike schedule.
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on June 22, 2021
SMM has more than 50 professional industry analysts in copper, aluminum, lead, zinc, nickel, tin and minor metals, and are committed to providing in-depth, professional, as well as timely reports and research.
Besides, over 80 steel professionals engaged in China's steel industry. They have been working on the weekly report China Steel Briefing, the monthly report China Steel PMI-Monthly, a survey of steel downstream.