Most SHFE base metals prices weaker during the session
Base metals prices on the Shanghai Futures Exchange were mostly lower with only tin prices in positive territory. The fall in contract prices was expected as there is currently a lot of inventory in North China, according to a Beijing-based analyst. This has been exacerbated by the ample supply due to the high production rates at smelters, which has put downward pressure on prices. “Factories have not lowered their operating rates - as is the expectation around this time of year as [Chinese New Year] is in mid-February - causing prices to have fallen. The influence on downstream producers is okay but [environmental inspections] have affected smelting work a lot.
Source: metal bulletin
More will update soon!!!
