SunSirs: The Nickel Morning Post on August 29th

https://www.chemnet.com   Aug 29,2024 SunSirs

Due to the strengthening of the US dollar exchange rate and lingering concerns about Chinese demand, funds and producers have sold off, dragging down the London metal market and causing it to fall across the board again overnight. This has interrupted the continuous upward trend of some metal varieties.

With the strong rebound of the US dollar exchange rate on Wednesday, there was pressure on the industrial metal prices of LME. The three-month LME tin futures saw a reversal in their upward trend, fluctuating and falling, with a intraday drop of around 2.3%, ultimately closing at 32,485 US dollars per ton.

The systematic buying of metal funds was suspended yesterday, and producers sold at high prices; At the same time, the performance of China's major metal consumer industries, including automobile manufacturers, real estate developers and Internet companies, was disappointing.

Domestically, the night trading of Shanghai futures and tin futures opened low, followed by a volatile decline. As of August 29th, the short-term moving average support of the main contracts was no longer available. The final closing price was 263,790 RMB per ton, a decrease of 4,030 RMB or 1.50%.

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