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Nickel-SHMET Spot Market Briefing20150831

Date Aug 31 2015 14:32:23Source:shmet
Aug.31,2015(SHMET)--

LME nickel is back under $10,000, slipping $205 to $9,855. The cash/threes has seen a backwardation bid at $35. Stocks were up 474 tonnes at 255,166 tonnes and cancelled warrants increased 450 tonnes to 163,950 tonnes. Again we witnessed some good bookings by stainless mills reflected by buying on the LME. Warrants were in good demand too with Asian premium around 40-60 dollars but Europe still around 20-40 dollars. SHFE is trading at 140 dollars premium for January. Shanghai spot nickel was quoted at 76100-76600 rmbs per ton, down 1000 from the previous trading day. Jinchuan nickel traded at 76500 rmbs per ton, Russian nickel traded at 76200 rmbs per ton. The falls today in nickel intensified the cautious sentiment hence traders quotations looked mixed. With the supply growing downstream demand continued to be sluggish in stead. Therefore, the overall trading was modest though inquiry was still a lot.

 

 

 

Edited by SHMET

Tin-SHMET Spot Market Briefing20150831

Date Aug 31 2015 14:31:30Source:shmet
Aug.31,2015(SHMET)--

LME tin rose slightly on Friday first recovered from the low in Asia following a stronger Chinese equity market, but was then sold into gains after London opened as traders taking profits saw price reached 13600 dollars the low. It then started to rebound as US equity market rallied and US GDP data bounced up to 3.7% surprised market and gave sentiment a boost. Eventually it closed at 14250 dollars, up 2.6%. Shanghai spot tin was quoted at 101000-103000 rmbs per ton, down 500. Yunxi factory gate was quoted at 105000 rmbs per ton, Yunheng was at 103000 rmbsper ton. Yunshan and Yunxiang were at 102000 rmbs per ton, Nanshan and Weitai were at 101000 rmbs per ton. Today, the spot tin fell and the consecutive falls in tin price intensified the sidelines sentiment. Consumptions seemed to be more sluggish. The replenishment plans of factory also were put off. Only a small number of large-size companies remained normal purchasing. The trading conditions was modest.

 

Edited by SHMET

Zinc-SHMET Spot Market Briefing20150831

Date Aug 31 2015 14:17:47Source:shmet
Aug.31,2015(SHMET)--

Shanghai spot zinc 0# was quoted at 14880-14940 rmbs per ton, unchanged with a back of 150-210 rmbs per ton; 1# zinc was quoted at 14820-14880 rmbs per ton, unchanged from yesterday with a back of 90-150 rmbs per ton. The metals finished the week on a high after a volatile trading that started from Monday. Zinc trading range seen at 1833.5-1753.5 dollars and following yesterday’s large increase in cancellations in New Orleans, the spreads have tightened-cash/3 was last at 50b/50c Sep-3m last at 2b dollars. Other news lifting prices- Australian officials threatened to close the giant McArthur River zinc mine owned by Glencore. LME stocks and cancelled warrants were both down 2000 tonnes at 522875 tons and 149675 tons respectively. Today the downstream purchasing wills got slightly stronger but their offers were low in general. Despite the buyers were a lot but the trading volume increased little.

 

Edited by SHMET

Lead-SHMET Spot Market Briefing20150831

Date Aug 31 2015 14:13:28Source:shmet
Aug.31,2015(SHMET)--

Shanghai spot lead was quoted at 13330-13450 rmbs per ton, down 20 from yesterday with a back of 10-130 rmbs per ton. LME lead extended gain on Friday to trade above 1700 dollars again after Chinese equity market went up for the second day further assured investors the stability of Chinese economy. Trading was almost flat in Asia with price moving in tight range under 1700 dollars before dipping to 1671 dollars where bargain hunters stepped in and saw price up. Sentiment was then boosted again by the US consumer purchases which climbed in July and incomes grew giving hopes to the traders that the slack in China might be compensated by US recovery. SHFE lead remained volatile as the fundamental changed little. The market participants looked cautious before a series of data are released. Suggest for SHFE 1510 contract remained on the sidelines for the time being. In domestic physical market, Hengbang was quoted at 13380-13400 rmbs per ton. The supply increased as the backwardation narrowed even to contango. The traders had small volume of purchase, but downstream were still impacted by the fear down concerns. Overall trading was limited this morning.

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20150831

Date Aug 31 2015 14:10:44Source:shmet
Aug.31,2015(SHMET)--

Shanghai spot aluminum was quoted at 11750-11810 rmbs per ton, down 20 with a contango of 95-35 rmbs per ton. The quotations in Wuxi were at 11790-11810 rmbs per ton. A second day surge of the Chinese’s stock market helped the metals to finish the end of the week on a high. The Shanghai composite index closed at 3232.349 up 4.82%. Aluminum ranged from 1616.5-1560 dolalrs. Nearby spreads remained tight with cash/3 narrowing to 12/15c dollars Oct/Nov moving out to 12.75-13b dollars. LME was closed on Monday due to a public holiday in the UK. SHFE aluminum went slightly lower this morning. In domestic physical market, a lot of dealers hold goods and await higher prices which lead to a decline in sales. The traders purchasing was also restrained by the firm quotations. On the other hand, downstream consumption was still poor. Therefore, we were not surprised when learning that overall trading was modest this morning.

Edited by SHMET
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