29 July 2022 – The Asian SHFE continued its positive trend in base metals today. A positive signal at the turn of the month. European futures are also friendly.
Asian Base Metals Positive
Asian commodity stocks continued their positive trend on Friday. Nickel, zinc, copper, aluminium, lead and tin are rising. In particular, nickel contracts on the SHFE are up between 2 and 4.9%. But aluminium also gains up to 3.09%.
Broad recovery also for other commodities?
Asian iron ore, coke, HRC and stainless steel futures also continue to rise. Overall, a broader recovery and more positive sentiment can be seen in the markets at the moment. Chinese traders also expect stainless steel prices to rise in the near term.
Europe also off to a positive start
In Europe, base metals are also pointing into positive territory. LME nickel is currently up 1.3%. Copper is up 1.1%. Zinc is currently showing particularly strong performance with a plus of 3.6%.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.