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Domestic trade data positive, price trend slightly higher

www.dgcyxy.com 10-25-2022

    Some base metals fell overnight as economic concerns outweighed positive Chinese trade data. The renminbi fell to its weakest level against the dollar since 2008, making dollar-denominated goods more expensive for Chinese buyers and weighing on some metals prices. But the latest domestic trade data has been relatively positive, and local government infrastructure projects have helped fuel rising demand for metals. The LME three-month LLENse traded choppy at $18,505 a tonne after edging up 0.1 percent on the day. On the domestic front, the night of Shanghai tin low open up, price trend slightly higher. It last closed at 165,710 yuan per ton, up 1,360 yuan or 0.83 percent. Domestic smelting production has gradually resumed, consumption growth is limited, and most downstream markets maintain on-demand procurement. The recent plate market is weak, the refinery is positive, with the general downward; In addition to the increase in spot supply, short-term shipping pressure is not small, it is expected that the market situation is difficult to have substantial signs of good.

 
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