UBM - Metal Prices Pull Back From Recent Highs

• A bullish report in Reuters last week advising metal output in China was breaking records, again, looks at odds with developments this week.
• China’s primary production reached 3.35 million metric tons in April. That marked a 2.3% jump from 3.28 million tons in March. Furthermore, it jumped by 12.4% from April 2020.
• In addition, production of 10 nonferrous metals - including copper, aluminum, lead, zinc and nickel – rose 11.6% to 5.48 million tons from a year earlier.

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