Nonferrous Metals Prices Dropped with Insufficient Momentum; US Fed Rate Decision, China NBS

Nonferrous Metals Prices are mostly dropping with insufficient rising momentum. The Federal Reserve (Fed) announced the federal funds rate is raised by 0.25 basis points


Copper: The most actively traded LME 3 Month copper trading at 0.87% or $9132.50/mt, with LME inventories decreased by 1,925 metric tonnes to 72,450 metric tonnes

Aluminum: The most actively traded LME 3 Month Aluminium traded -0.06% or 2604 $/mt, with LME Inventories falling by 4,550 metric tonnes to 399,600 metric tonnes.

China NBS NON-Manufacturing and Composite PMI

China’s NBS Non-Manufacturing PMI jumped significantly from 41.6 in December 2022 to 54.4 in January 2023.

And China’s economy restarting after epidemic restrictions were lifted. Profits made by China’s industrial companies fell by 4.0% yoy at CNY 8.40 trillion for 2022, following a 3.6% decrease in the year before.

Which is the second-largest copper producer in the world, has experienced an increase in social unrest, with major mines being targeted by road blockades & protester violence.