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Tags: SHFE copper prices,  SHFE aluminum prices,  aluminium sheet,  SHFE zinc prices,  Shanghai tin prices,  Shanghai nickel prices

SHANGHAI, Oct. 21 (SMM) – The CBOE Volatility Index (VIX), a key measure of market expectations of near-term volatility, surged last week as dispiriting economic indicators from China, Europe, and the US raised concerns over the global economic outlook. As a result, European and US stocks slumped, and crude oil fell sharply. Gold rebounded against mounting risk aversion sentiment, but base metals declined across the board. SMMI fell 1.97% last week, with SMMI.Ni down 6.58%, recording the biggest fall among base metals. LME nickel was down as much as 7.5%, prompting Jinchuan Group to cut ex-factory prices by a total of RMB 8,000/mt. SMMI.Zn was down 2.59%. LME zinc fell below all major moving averages, down 5%, in the midst of broad sell-offs, but SHFE zinc was comparatively more resistant to declines. Zinc smelters on China’s physical markets refrained from selling last week, leaving high premiums. Hedging activity among traders was brisk last week. SMMI.Al was down 2.27% last week. SHFE aluminum fell as bearish sentiment dominated the market, with positions down. Market participants on the physical market were reluctant to buy, putting a dent in aluminum prices. SMMI.Cu and SMMi.Sn were down 1.5% and 1.27%, respectively. Physical copper trading was muted with sufficient supply in the market. LME tin fell for four trading days in a row, down from USD 20,000/mt to USD 19,000/mt. China’s spot tin prices dropped by RMB 2,000/mt even though Yunnan Tin Industry announced to cease production for routine maintenance for 15 days. SMMI.Pb was down only 0.89% last week. China’s lead prices were resistant to declines since smelters and traders withheld goods from sale due to low finished goods inventories and difficulties in replenishing them.

from metal.com