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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.
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.
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.
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.
