ShanghaiMetalsMarket
Tenderfoot
- Dec 3, 2013
- 7
- 0
- Primary Interest:
- All Treasure Hunting
SHANGHAI, Mar. 19 (SMM) –
Copper
The most active SHFE copper contract prices started higher at RMB 44,770/mt in Monday’s night session, boosted by LME copper prices finding technical support at USD 6,400/mt for a fourth consecutive trading day. The contract prices fell slightly to test support at RMB 44,420/mt after touching a high of RMB 44,830/mt, and finished up RMB 20/mt at RMB 44,580/mt. During the trading hours, trading volumes edged down a touch to 298,485 lots, while positions gained by 8,886 lots. SHFE copper prices handily surged on Tuesday above the RMB 45,000/mt mark, helped by a strong rally in LME copper prices, and later peaked at RMB 45,350/mt. During the afternoon trading session, the red metal came off below RMB 45,000/mt, and ended up RMB 340/mt or 0.76% at RMB 44,900/mt on Tuesday. Trading volumes shrunk by 38,728 lots, and positions increased by 914 lots. SHFE copper prices have found temporary support at the 5-day moving average, and are likely to trend higher in the near future.
Copper was quoted on Tuesday between a discount of RMB 60/mt and a premium of RMB 30/mt in the Shanghai physical market. Traded prices were RMB 44,820-45,280/mt for standard-quality copper and RMB 44,900-45,380/mt for high-quality copper. As SHFE copper prices rebounded, cargo holders offered spot copper between a discount of RMB 30/mt and a premium of RMB 30/mt, while some middlemen entered the market at suitable time, with trading activity turning brisk. SHFE copper prices later rallied by nearly RMB 600/mt, and spot copper was offered lower between a discount of RMB 60/mt and a premium of RMB 20/mt. SHFE current-month copper prices were regarded as too high above the RMB 45,350/mt mark, with few quotations in the market. Hydro-copper supply gradually flowed in the physical market, with increasing trading activity, but spot copper premium is not expected to last long. Spot copper continued to trade at a par as SHFE copper prices hovered at high levels. High-quality copper mostly was sold between RMB 45,050-45,200/mt, a discount of RMB 60/mt and a premium of RMB 30/mt over SHFE current-month copper contract. Cargo holders remained inclined to move goods on Tuesday.
Aluminum
SHFE 1406 aluminum contract hit a new low of RMB 13,030/mt after starting Monday’s night session at RMB 13,105/mt, and ended the session at RMB 13,035/mt. Trading volumes during the night hours totaled 7,068 lots, and positions added 1,974 lots to 111,922 lots. The most active contract fell further to RMB 12,985/mt on Tuesday before closing down RMB 105/mt or 0.8% at RMB 13,010/mt. Trading volumes during the daytime hours totaled 19,878 lots, and positions were up 4,492 lots to 114,440 lots. June aluminum on the SHFE should be vulnerable at RMB 13,000/mt in the near term.
Spot aluminum largely traded at RMB 12,540-12,560/mt in Shanghai on Tuesday, RMB 12,530-12,550/mt in Wuxi, and RMB 12,530-12,540/mt in Hangzhou. SHFE 1404 aluminum contract shed around RMB 100/mt, fuelling pessimism among buyers in spot markets and leaving trading muted. In the afternoon, offers remained stable, but few transactions were concluded.
Lead
Prices for the most active SHFE 1404 lead contract essentially hovered around RMB 13,575/mt after opening at RMB 13,570/mt, and closed up RMB 10/mt or 0.07% at RMB 13,565/mt in Monday’s night session. Trading volumes were only 8 lots, and positions were off merely 6 lots to 7,730 lots during the trading hours. Boosted by LME lead prices , SHFE 1404 lead contract prices rallied as high as RMB 13,645/mt after breaking above the 5-day moving average, and then stabilized around RMB 13,630/mt. The metal closed up RMB 55/mt or 0.41% at RMB 13,630/mt on Tuesday. Trading volumes shed 166 lots to 664 lots, while positions contracted 372 lots to 7,364 lots. SHFE 1404 lead contract prices have gradually found base support, but should remain volatile, with the lack of buying impetus.
In the Shanghai physical lead market, goods from Chihong Zn & Ge, Nanfang, and Chengyuan traded on Tuesday between RMB 13,670-13,680/mt, a premium of around RMB 50/mt over the most active SHFE lead contract price. Traded prices were RMB 13,660-13,670/mt for Humon resources, and RMB 13,570-13,590/mt for Shuangyan supply. Lead smelters had higher willingness to move goods at firm prices. A vast majority of downstream producers remained in a wait-and-see attitude on Tuesday despite a slight pickup in purchases.
Zinc
SHFE 1405 zinc contract prices opened high at RMB 14,695/mt on Monday evening, touching RMB 14,730/mt before dropping, and finally closing at RMB 14,670/mt, down RMB 55/mt or 0.37. Trading volumes decreased by 6,604 lots to 5,110 lots, and total positions decreased by 396 lots to 78,226 lots. SHFE 1406 zinc contract prices became the most actively traded contract on Tuesday, with prices opening at RMB 14,715/mt, then edged up to RMB 14,780/mt with rising SHFE copper prices. but as a large number of longs closed positions, and since LME zinc prices lacked ability to rebound in the afternoon, SHFE 1406 zinc contract prices leveled out between RMB 14,750-14,780/mt, and closing the day flat at RMB 14,760/mt. Trading volumes increased by 10,530 lots, to 30,644 lots, and total positions decreased by 1,810 lots, to 72,632 lots.
#0 zinc prices were between RMB 14,620-14,650/mt, with spot discounts between RMB 60-100/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,600-14,610/mt. SHFE 1406 zinc contract prices opened at RMB 14,680/mt on Tuesday, and hovered at low levels during the first session. Shuangyan branded #0 zinc prices were between RMB 14,620-14,630, with discounts of RMB 60/mt against SHFE 1406 zinc contract prices, and RMB 14,600-14,610/mt for other regular brands. SHFE copper prices rebounded during the second session, pushing up SHFE zinc prices to RMB 14,700/mt, prompting a large number of traders to enter the market. But smelters were holding back goods, and some bargain hunters entered the market, with transactions improving from the previous day. Shuangyan branded #0 zinc prices were around RMB 14,650/mt, with RMB 14,620-14,630/mt for Qinxin, Jiulong and Feilong branded #0 zinc. SMC branded #0 zinc prices were between RMB 14,630-14,640/mt, with transactions muted.
Tin
In Shanghai’s physical tin market, traded prices were reported between RMB 139,000-140,500/mt on Tuesday. Yunxi brand tin traded at the higher end of the price range at RMB 140,000-140,500/mt. A few offered at RMB 141,000/mt, but such high price turned buyers away.
Nickel
In Shanghai, SMM #1 nickel prices were between RMB 96,400-97,400/mt. Jinchuan raised nickel prices by RMB 1,500/mt to RMB 98,500/mt. Spot nickel prices in Wuxi rose 2.75%, driving up spot nickel prices in Shanghai, jumping from RMB 96,000-97,000/mt in the morning session, to RMB 98,000-99,000/mt in the afternoon, with market players optimistic and traders actively purchasing.
Copper
The most active SHFE copper contract prices started higher at RMB 44,770/mt in Monday’s night session, boosted by LME copper prices finding technical support at USD 6,400/mt for a fourth consecutive trading day. The contract prices fell slightly to test support at RMB 44,420/mt after touching a high of RMB 44,830/mt, and finished up RMB 20/mt at RMB 44,580/mt. During the trading hours, trading volumes edged down a touch to 298,485 lots, while positions gained by 8,886 lots. SHFE copper prices handily surged on Tuesday above the RMB 45,000/mt mark, helped by a strong rally in LME copper prices, and later peaked at RMB 45,350/mt. During the afternoon trading session, the red metal came off below RMB 45,000/mt, and ended up RMB 340/mt or 0.76% at RMB 44,900/mt on Tuesday. Trading volumes shrunk by 38,728 lots, and positions increased by 914 lots. SHFE copper prices have found temporary support at the 5-day moving average, and are likely to trend higher in the near future.
Copper was quoted on Tuesday between a discount of RMB 60/mt and a premium of RMB 30/mt in the Shanghai physical market. Traded prices were RMB 44,820-45,280/mt for standard-quality copper and RMB 44,900-45,380/mt for high-quality copper. As SHFE copper prices rebounded, cargo holders offered spot copper between a discount of RMB 30/mt and a premium of RMB 30/mt, while some middlemen entered the market at suitable time, with trading activity turning brisk. SHFE copper prices later rallied by nearly RMB 600/mt, and spot copper was offered lower between a discount of RMB 60/mt and a premium of RMB 20/mt. SHFE current-month copper prices were regarded as too high above the RMB 45,350/mt mark, with few quotations in the market. Hydro-copper supply gradually flowed in the physical market, with increasing trading activity, but spot copper premium is not expected to last long. Spot copper continued to trade at a par as SHFE copper prices hovered at high levels. High-quality copper mostly was sold between RMB 45,050-45,200/mt, a discount of RMB 60/mt and a premium of RMB 30/mt over SHFE current-month copper contract. Cargo holders remained inclined to move goods on Tuesday.
Aluminum
SHFE 1406 aluminum contract hit a new low of RMB 13,030/mt after starting Monday’s night session at RMB 13,105/mt, and ended the session at RMB 13,035/mt. Trading volumes during the night hours totaled 7,068 lots, and positions added 1,974 lots to 111,922 lots. The most active contract fell further to RMB 12,985/mt on Tuesday before closing down RMB 105/mt or 0.8% at RMB 13,010/mt. Trading volumes during the daytime hours totaled 19,878 lots, and positions were up 4,492 lots to 114,440 lots. June aluminum on the SHFE should be vulnerable at RMB 13,000/mt in the near term.
Spot aluminum largely traded at RMB 12,540-12,560/mt in Shanghai on Tuesday, RMB 12,530-12,550/mt in Wuxi, and RMB 12,530-12,540/mt in Hangzhou. SHFE 1404 aluminum contract shed around RMB 100/mt, fuelling pessimism among buyers in spot markets and leaving trading muted. In the afternoon, offers remained stable, but few transactions were concluded.
Lead
Prices for the most active SHFE 1404 lead contract essentially hovered around RMB 13,575/mt after opening at RMB 13,570/mt, and closed up RMB 10/mt or 0.07% at RMB 13,565/mt in Monday’s night session. Trading volumes were only 8 lots, and positions were off merely 6 lots to 7,730 lots during the trading hours. Boosted by LME lead prices , SHFE 1404 lead contract prices rallied as high as RMB 13,645/mt after breaking above the 5-day moving average, and then stabilized around RMB 13,630/mt. The metal closed up RMB 55/mt or 0.41% at RMB 13,630/mt on Tuesday. Trading volumes shed 166 lots to 664 lots, while positions contracted 372 lots to 7,364 lots. SHFE 1404 lead contract prices have gradually found base support, but should remain volatile, with the lack of buying impetus.
In the Shanghai physical lead market, goods from Chihong Zn & Ge, Nanfang, and Chengyuan traded on Tuesday between RMB 13,670-13,680/mt, a premium of around RMB 50/mt over the most active SHFE lead contract price. Traded prices were RMB 13,660-13,670/mt for Humon resources, and RMB 13,570-13,590/mt for Shuangyan supply. Lead smelters had higher willingness to move goods at firm prices. A vast majority of downstream producers remained in a wait-and-see attitude on Tuesday despite a slight pickup in purchases.
Zinc
SHFE 1405 zinc contract prices opened high at RMB 14,695/mt on Monday evening, touching RMB 14,730/mt before dropping, and finally closing at RMB 14,670/mt, down RMB 55/mt or 0.37. Trading volumes decreased by 6,604 lots to 5,110 lots, and total positions decreased by 396 lots to 78,226 lots. SHFE 1406 zinc contract prices became the most actively traded contract on Tuesday, with prices opening at RMB 14,715/mt, then edged up to RMB 14,780/mt with rising SHFE copper prices. but as a large number of longs closed positions, and since LME zinc prices lacked ability to rebound in the afternoon, SHFE 1406 zinc contract prices leveled out between RMB 14,750-14,780/mt, and closing the day flat at RMB 14,760/mt. Trading volumes increased by 10,530 lots, to 30,644 lots, and total positions decreased by 1,810 lots, to 72,632 lots.
#0 zinc prices were between RMB 14,620-14,650/mt, with spot discounts between RMB 60-100/mt against SHFE 1405 zinc contract prices. #1 zinc prices were between RMB 14,600-14,610/mt. SHFE 1406 zinc contract prices opened at RMB 14,680/mt on Tuesday, and hovered at low levels during the first session. Shuangyan branded #0 zinc prices were between RMB 14,620-14,630, with discounts of RMB 60/mt against SHFE 1406 zinc contract prices, and RMB 14,600-14,610/mt for other regular brands. SHFE copper prices rebounded during the second session, pushing up SHFE zinc prices to RMB 14,700/mt, prompting a large number of traders to enter the market. But smelters were holding back goods, and some bargain hunters entered the market, with transactions improving from the previous day. Shuangyan branded #0 zinc prices were around RMB 14,650/mt, with RMB 14,620-14,630/mt for Qinxin, Jiulong and Feilong branded #0 zinc. SMC branded #0 zinc prices were between RMB 14,630-14,640/mt, with transactions muted.
Tin
In Shanghai’s physical tin market, traded prices were reported between RMB 139,000-140,500/mt on Tuesday. Yunxi brand tin traded at the higher end of the price range at RMB 140,000-140,500/mt. A few offered at RMB 141,000/mt, but such high price turned buyers away.
Nickel
In Shanghai, SMM #1 nickel prices were between RMB 96,400-97,400/mt. Jinchuan raised nickel prices by RMB 1,500/mt to RMB 98,500/mt. Spot nickel prices in Wuxi rose 2.75%, driving up spot nickel prices in Shanghai, jumping from RMB 96,000-97,000/mt in the morning session, to RMB 98,000-99,000/mt in the afternoon, with market players optimistic and traders actively purchasing.
Upvote
0
