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Shanghai base metals rose broadly on Friday morning, while their counterparts on the LME set for a mixed start, as investors weigh better-than-expected US third-quarter GDP and jobless data and surging coronavirus infections globally.
The dollar held gains against a basket of major currencies on Thursday as escalating coronavirus cases in Europe stoked investor fears that fresh lockdowns would further hit the already fragile economic recovery.
SHFE nonferrous metals broadly fell on Thursday October 29 as coronavirus cases continue to surge in the West.
MMi Daily Iron Ore Report (October 29)
DCE iron ore futures market slightly went down today and quotations in the physical port stock market turned to be relatively firm. PBF was concluded at 857-860yuan/mt in Tangshan market, up by 3-5yuan/mt over yesterday.
Primary aluminium inventories shrank 7,000 mt on week to 688,000 mt
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined 7,000 mt from the prior week to 688,000 mt as of October 29.
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.
