Shanghai base metals were mostly higher on Tuesday morning as investors awaited remarks from US President-elect Joe Biden's nominee for Treasury secretary, Janet Yellen. Meanwhile, their counterparts on the LME also rose for the most part.
The dollar clung to gains on Monday and the Japanese yen edged higher as softening US economic data and rising global coronavirus cases kept investors cautious, while lockdowns and Italian political turmoil held the euro under pressure.
The physical port stock prices ascended by 10-20yuan/mt when DCE iron ore futures market headed up in the morning. Iron ore arrivals before the Lunar New Year holiday is hard to see obvious increments given recent continuously declining iron ore shipments from Australia.
SHFE nonferrous metals rose for the most part on Monday January 18 as investors in the region reacted to Chinese economic data, including the country's GDP print for the fourth quarter.
The European Union (EU) required the World Trade Organisation (WTO) on January 12 to establish a group to rule on Indonesian nickel ore export restrictions.
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