September 1, the London Metal Exchange (LME) aluminum prices hit the highest since February 2013, nickel hit a nine-month high, after steel prices rose further, and the largest metal consumer China’s manufacturing data is strong.
London time on September 1 17:00 (Beijing time on September 2 00:00), indicators of three-month aluminum closed up 0.9 percent higher at $ 2,136 per ton, intraday hit in February 2013 to the highest 2,145 US dollars The
Three-month copper closed up 0.7 percent at $ 6,835 a tonne, and Thursday’s copper hit $ 6,872 in September 2014.
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“The steel sector continues to lead the base metal market, and today the other major factor is China’s continued supply side reform and its economic data,” said Gianclaudio Torlizzi of T-Commodity, a consulting firm.
Shanghai rebar contract rose to 6% on Friday, the largest increase since April 2016, by China’s industrial activities to further enhance the signs of boost. Shanghai Futures Exchange main rebar futures closed up 5.48%, reported 4062 yuan per ton.
Nickel and zinc are mainly used in the steel industry, so the price is closely related to steel prices.
China’s manufacturing data also boosted industrial metal prices. China’s New Manufacturing Purchasing Managers’ Index (PMI) continued to improve in June, rising to a six-year high, boosting export orders and boosting prices.
China’s New Manufacturing Purchasing Managers’ Index (PMI) in May was 51.6, up 0.5 percentage points in July, the highest since February, indicating that the manufacturing sector as a whole is running well. This trend is consistent with the National Bureau of Statistics manufacturing PMI. China’s official manufacturing PMI rose to 51.7 in August, compared with 51.4 last month.
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Stéphanie Aymes, head of technical analysis at Societe Generale in France, said nickel prices could fall and challenge at $ 10,933.
Three-month nickel climbed 2 percent to $ 12,035 a tonne, up from $ 12,095 in November.
Among the other base metals, the three-month zinc rose 1.2% to $ 3,185 per tonne.
The three-month lead change was little, up $ 1 or 0.04% at $ 2,395 per tonne.
Three-month tin fell 0.22 percent at $ 20,625 a tonne.
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