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  SMM Morning Comments (Jun 23): Shanghai base metals mostly rose after Fed chair’s hawkish statement

  Shanghai base metals basically cruised higher in the overnight trading as Fed chair Jerome Powell made hawkish statement to appease the inflation concerns. Meanwhile, LME metals all went up.

• Macro Roundup (Jun 23)

  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 to release 20,000 mt of copper, 30,000 mt of zinc, and 50,000 mt of aluminium reserves

  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.

• MMi Daily Iron Ore Report (June 22)

  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.

• SMM Evening Comments (Jun 22): Shanghai nonferrous metals rose across the board, nickel advanced 3.58%

  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.