Base metals prices on the Shanghai Futures Exchange were predominantly higher during Asian morning trading on Monday October 29, with zinc showing the biggest gains on depleting inventories; meanwhile tin and nickel prices fell.
Base metals on the SHFE this morning were buoyed by positive sentiment on news that China would continue to implement its monetary policy easing, according to Guotai Junan Futures. Moreover, the approval and construction of new infrastructure projects have accelerated, adding to the bullishness. “Beijing could enact tax cuts and other measures for 2019 equivalent to over 1% of GDP,” Ma Jun, a former chief economist at China’s central bank, said. As a result, most base metals, barring tin and nickel, showed substantial gains this morning. The biggest winner was zinc. Its SHFE most-traded December contract surged 1.43% to 22,295 yuan ($3,210) per ton.