Nickel advanced 0.7% to lead the way higher, copper rose 0.6%, aluminium gained 0.2% and zinc inched up 0.1%, while tin stayed flat. Lead shed 0.2%.
Chilean copper miner Antofagasta has agreed to supply Chinese smelters Tongling Nonferrous and Jiangxi Copper with copper concentrates in the first half of 2021 at treatment and refining charges (TC/RCs) of $60.8/mt and 6.08 cents/lb, SMM learned.
Inventories of aluminium billet in China rose this week due to increased arrivals.
Primary aluminium ingot inventories in China continued to trend lower this week, albeit at a slower pace, showed SMM data.
The long-anticipated new standards for high-grade copper scrap and aluminium scrap metal—due to come into force on July 1–has yet to be implemented at China’s customs, as the procedure for importing material under these standards has not been finalised, SMM learned from several traders, fabricators and smelters.
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.