Copper Nickel Hit full target today: Copper yesterday settled up by 1.91% at 762.95 as floods in top consumer China spark demand hopes at a time when inventories are falling.
Floods in central China, especially in the industrial and transport hub city of Zhengzhou, have raised supply concerns and demand for rebuilding damaged infrastructure, which will consume industrial metals.
From the macro aspect, US Manufacturing PMI in July reached historical high, while the Services PMI fell to its lowest in five months unexpectedly, according to Markit.
The Covid-19 pandemic worsened in the UK and Japan, and China had occasional case reports across the country.Doctor Fauci also warned that the death toll in the US may increase in the coming winter.
- MCX Copper trading range for the day is 742.7-778.7.
- MCX Copper prices gained as floods in top consumer China spark demand hopes at a time when inventories are falling.
- US Manufacturing PMI in July reached historical high, while the Services PMI fell to its lowest in five months unexpectedly.
- The global world refined copper market showed a 75,000 tonnes deficit in April, compared with a 13,000 tonnes deficit in March.
These data all showed that the global economic recovery was unbalanced with increased uncertainty in terms of economic outlook.The market concerns for accelerated capital contraction eased, pulling up copper prices in the short term.
The global world refined copper market showed a 75,000 tonnes deficit in April, compared with a 13,000 tonnes deficit in March, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
For the first 4 months of the year, the market was in a 69,000 tonnes surplus compared with a 110,000 tonnes surplus in the same period a year earlier, the ICSG said.
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NICKEL MCX REPORTS
Nickel yesterday settled up by 1.8% at 1488 as ShFE nickel hit a five-month high at 146,870 yuan a tonne as floods in China sparked supply concerns.
The US Markit manufacturing PMI in July came in at 63.1 on Friday, setting a new record high.However, the service industry PMI unexpectedly fell to a low of nearly five months, indicating that the current economic recovery is still uneven.
The mixed economic data and the spreading pandemic continued to ease market concerns about early capital contraction.In addition, the strong performance of the US Q2 financial report has boosted investor confidence.
Typhoon “In-Fa” landed strongly in Jiangsu and Zhejiang, and Zhejiang was first hit by storms.There are 5 NPI plants, including the stainless plants with NPI facilities, in production in the two provinces, of which the output in June 2021 accounted for 16% of all.
- MCX Nickel trading range for the day is 1465-1518.
- Nickel prices rose as ShFE nickel hit a five-month high at 146,870 yuan a tonne as floods in China sparked supply concerns.
- The US Markit manufacturing PMI in July came in at 63.1 on Friday, setting a new record high.
- Global nickel market deficit widens in May – INSG.
Jiangsu and Zhejiang have a total of 6 stainless steel plants, with the output in June 2021 accounting for about 15% of all.All the NPI plants and stainless steel plants in Jiangsu and Zhejiang maintain normal production as of Monday July 26, little affected by the typhoon.
The global nickel market deficit widened to 21,300 tonnes in May compared a shortfall of 20,400 tonnes in April, data from the International Nickel Study Group (INSG) showed.