Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama fell 2.8% month on month at the end of January 2020, according to data released by major Japanese trading house Marubeni Corp.
Sentiment in the Chinese copper market improved over the past week after more participants returned to work following extended holidays, resulting in growing expectations for a recovery in demand that allowed Shanghai premiums to creep upward on Tuesday February 18.
After the broad-based dip on Tuesday February 18 that was partially triggered by Apple’s sales warning, markets have recovered on Wednesday with equity indices in Asia stronger, as are pre-market western equity indices.
Base metals prices on the Shanghai Futures Exchange were mixed at the close of morning trading on Wednesday February 19, with recent Chinese stimulus measures providing slight support to the complex while worries about the economic impact of the novel coronavirus (2019-nCoV) outbreak continue to loom.
London Metal Exchange three-month base metals prices, with the exception of lead, traded down at the close on Tuesday February 18, with any residual optimism capped by negative movements in global equities markets and restrictions in Chinese markets due to the novel coronavirus (2019-nCoV) outbreak.