The US dollar tracked downward, and base metal prices broke out of their existing price bands and rose since no additional negative news was reported. SMM is optimistic towards macro-economic trends, so base metals prices will see improvements at the low-end of price ranges over the medium and long term.
Copper: According to China Customs, China's imports of refined copper were only 212 kt in June, down 67.7 kt from May levels and down 44.11% YoY. SMM believes higher premiums for imported copper in May and June, as well as soft buying interest due to fluctuating copper prices, are behind declines in imports of refined copper. (Page 6)
Aluminum: SMM conducted a survey of 10 major aluminum traders in Shanghai early last week. In general, spot transactions weakened with the start of seasonal low demand period, and will continue to depress aluminum prices until demand picks up again. (Page 7)
Zinc: Regional zinc stocks continued to decline due mainly to lower delivery volumes. (Page 9)
Lead: LME lead market experienced rallies every trading day last week, moving to test USD 1,945/mt after remaining above USD 1,850/mt. Domestic lead prices rose above the RMB 15,000/mt mark, led by higher LME lead prices. (Page 11)
Nickel: Large steel mills released July NPI tender prices, with bidding prices from Taigang Stainless Steel up slightly. (Page 13)