LME nickel fell from Thursday's 18650 to 18800 dollars on Friday. Today, the spot nickel was quoted at 129800-130200 rmbs per ton, up 200 from the previous session. Jinchuan nickel traded at 130200 rmbs per ton, Russian nickel traded at 129800 rmbs per ton. In domestic market, nickel price slightly rose, Russian nickel supply of goods was still tight. The upward momentum in LME was difficult to continue, the spot price was trapped in a narrow trading range, weakened the trader's enthusiasm. Therefore, the overall trading did not have any big improvement, the downstream remained slight purchasing. An index of growth in China's vast manufacturing sector fell from a 27-month high to 51.1 in August, a government study showed on Monday, slightly less than forecast and adding to signs of growing softness in the Chinese economy. The analysts said that current weakness in the steel market was difficult to change. The mills output, stock quantity and operating rate all rose, plus the lowered factory price, all were negative to market. September steel price would mainly continue remaining weakness. There is not possibility of rebounding around early to mid September.
LME tin climbed from Thursday's 21800 dollars to 21875 dollars. Today, the spot tin was quoted at 139000-141500 rmbs per ton, unchanged from the previous session. Yunnan Xiye quoted 143000 to Yunxi tin, Yunnan Chengfeng offered 142000 rmbs per ton for Yunheng tin. Jinhai and Feidie quoted 141000, Nanshan and Weitai offered 139000 rmbs per ton. An index of growth in China's vast manufacturing sector fell from a 27-month high to 51.1 in August, a government study showed on Monday, slightly less than forecast and adding to signs of growing softness in the Chinese economy. In domestic market, the spot tin price was running steadily. Both upstream and downstream were on the sidelines, the smelters held firm on prices and downstream buyers were still in cautious mood. The trading did not have any clear improvement, continued to be light. However, expected that future demand would improve gradually, due to the effect of domestic upbeat manufacturing data.
LME three-month zinc closed at 2359 dollars. Shanghai spot zinc 0# was quoted at 16760-16820 rmbs per ton, up 75, with trading from 5 c to 55 b rmbs per ton. 1# zinc was quoted at 16700-16760 rmbs per ton, up 75 from last Friday, with trading from 65 c to 5 c rmbs per ton. An index of growth in China's vast manufacturing sector fell from a 27-month high to 51.1 in August, a government study showed on Monday, slightly less than forecast and adding to signs of growing softness in the Chinese economy. Today, the spot zinc price increased against future price. The domestic zinc trading steady in the market, compared to the imported zinc trading. The traders said that Shuangyan, Yuguang zinc traded slightly active. The smelters remained normal selling and the buyers continued purchasing on demand. The dealers were selling actively too. Today's overall trading turned better from yesterday.
Shanghai spot lead was quoted at 14160-14280 rmbs per ton, down 100 from the previous session, with trading from 180 c to 60 c rmbs per ton. Overnight LME lead fluctuated down and ended 7 lower at 2240 dollars per ton. The whole volume in the day was 2773 lots, the positions reduced 1474 to 130243 lots. LME stocks fell 75 tons to 220550 tons, continued staying in this year high. US August Michigan University consumer confidence index rose to 82.5, higher than expected 80.1, the initial reading was 79.2. SHFE aluminum fluctuated up this morning. US PMI data performed well, China's PMI data also was in line with market expectation, improved the metal demand outlook. SHFE lead price remained sluggish because it was restricted by the market worries about Chinese metal demand outlook. The tightening supply still offered a strong support to lead price, over-pessimism was not clever. Suggest hold longs on dips at 14350 region, stop below 14300. In domestic spot market, most supply was from traders, but the traders decreased purchase and the downstream trading continued falling. Therefore, lead price still face difficulties for recovering and short term trend would remain ranging further.
Shanghai spot aluminum was quoted at 14560-14620 rmbs per ton, up 200 from last Friday, with trading from 60 c to level. Wuxi quoted 14510-14530 rmbs per ton. LME aluminum stocks fell to the lowest level in two years. US released a stronger manufacturing and consumer confidence data, improved its demand for aluminum etc. base metal. The weaker dollars also boost aluminum price. The premium that Thursday prompt price against LME 3 month price was 3.25 dollars per ton, the first time since December of 2012 to show premium which suggested the supply was limited. Last Friday, LME aluminum closed at 2093 dollars, up 8/0.38%, hit an intraday high of 2119.5 dollars. Shanghai main contract 1411 ended at 14515 rmbs in the night session, up 70/0.48% from last settlement to a record high of 14600 rmbs. US August Michigan University consumer confidence index rose to 82.5, higher than expected 80.1, the initial reading was 79.2. SHFE aluminum fluctuated up this morning. US PMI data performed well, China's PMI data also was in line with market expectation, provided some support to aluminum price. Shanghai physicals mainly traded at 14590 rmbs per ton. Most dealers were selling actively, but the downstream fear high only slight dip buying was seen.
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