Major futures contracts for the three key non-ferrous metals – aluminium, nickel, and copper – on the Shanghai Futures Exchange (SHFE) had all risen from the previous week by the close of the daytime trading sessions on August 8. As of 3:00 p.m. on Friday, the most-traded SHFE nickel contract for September delivery had gained 1.2 per cent from the previous Friday to close at RMB 121,180 per tonne (USD 16,872 per tonne).
Meanwhile, the most-traded aluminium and copper contracts, also for September delivery, posted smaller on-week increases of 0.9 per cent and 0.1 per cent, closing the daytime trading session on August 8 at RMB 20,685 per tonne and RMB 78,490 per tonne, respectively.
Over the week, news that the US economy had weakened during July increased the likelihood that the US Federal Reserve may cut interest rates in September, lending some support to the recent upward momentum in SHFE non-ferrous futures, according to market analysts.
Responses
