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Nickel-SHMET Spot Market Briefing20141024

Date Oct 24 2014 15:50:11Source:SHMET
Oct.24,2014(SHMET)--

LME nickel closed lower 0.4% at 15145 dollars after hitting the lowest of 15011.50 since March. Today, Shanghai spot nickel was quoted at 103200-103500 rmbs per ton, up 100 from the previous session. Jinchuan nickel traded at 103500 rmbs per ton, Russian nickel traded at 103200 rmbs per ton. In domestic market, the spot nickel price were consolidated in lows and the turnover was thin. The fear of falling in the market seems to be serious, most traders chose to stand aside. Despite nickel inventory constantly rose to the record-high, but mainly because the hidden inventory came to the surface. The soften price trends accelerated the destocking speed, but current ferronickel industry already entered a full losses. The price downward space was limited, but short term London nickel price continued fluctuating below 16000 dollars level.

 

Edited by SHMET

Tin-SHMET Spot Market Briefing20141024

Date Oct 24 2014 15:24:39Source:SHMET
Oct.24,2014(SHMET)--

LME tin slipped 0.4% to close at 19425 dollars. Today, the spot tin was quoted at 135500-138500 rmbs per ton, unchanged from yesterday. Yunnan Xiye quoted 141000 rmbs per ton, Yunnan Chengfeng quoted 138500 rmbs per ton. Jinhai and Feidie quoted 138000 rmbs per ton, Nanshan and Weitai quoted 135500 rmbs per ton. Price was boosted by a better than expected preliminary HSBC PMI reading for China in October at 50.4 which has suggested an expansion in manufacturing activities. New claims for U.S. unemployment benefits held below 300,000 for a sixth straight week last week, suggesting the labor market was shrugging off jitters over a slowing global economy. In domestic market, physical tin price stabilised and overall trading was light. Upstream companies held firm on price and sold cauitously, but with the negotiable space extending, some traders chose selling off at lower price. Downstream wait-and-see mood were quite heavy, the buyers only purchased on demand.

 

Edited by SHMET

Zinc-SHMET Spot Market Briefing20141024

Date Oct 24 2014 15:19:31Source:SHMET
Oct.24,2014(SHMET)--

LME three-month zinc closed at 2257 dollars, down 0.1%. Shanghai spot zinc 0# was quoted at 16895-16955 rmbs per ton, up 170 from yesterday, with trading in backwardation of 270-330 rmbs per ton. 1# zinc was quoted at 16835-16895 rmbs per ton, up 170, with a backwardation of 210-270 rmbs per ton. Slightly better data on Chinese manufacturing failed to really help sentiment. Neither did strong equity markets and good US jobless claims figures. It seems like the slightly negatives tones we have heard this LME week regarding zinc's prospects may be sapping the bulls' optimism. Today, the spot zinc price rose against futures and backwardation remained. Shuangyan, imported zinc traded a little more actively. The traders' quotations for physical zinc were not far, some imported zinc inventory were not small and buyers were purchasing cautiously. Therefore, the overall trading conditions were flat.

Edited by SHMET

Lead-SHMET Spot Market Briefing20141024

Date Oct 24 2014 15:13:17Source:SHMET
Oct.24,2014(SHMET)--

Shanghai spot lead was quoted at 13610-13730 rmbs per ton, unchanged from yesterday, with trading from 65c to 55b rmbs per ton. Overnight Lead was given a bit of a boost on the back of positive Chinese manufacturing data where their purchasing managers’index rose to 50.4 in October in comparison with September at 50.2. Although up through the course of the day it was unfortunately unable to hold near the highs and slipped back down to close at 2021 dollars per ton. The whole volume reduced 671 to 2119 lots, the positions rose 676 to 117545 lots and inventory were unchanged at 224675 tons. New claims for U.S. unemployment benefits held below 300,000 for a sixth straight week last week, suggesting the labor market was shrugging off jitters over a slowing global economy. This also provided some support to lead price. SHFE lead still lacked upward momentum and the trading were still light. Deomestic poor demand, the excess capacity and retreatment in commodity price all weighed down PPI to constantly drop.  The physicals remained volatility in lows recently and smelter showed high enthusiasm in selling, but downstream stocking interest was low and international purchasing looked cautious.

 

 

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20141024

Date Oct 24 2014 15:00:49Source:SHMET
Oct.24,2014(SHMET)--

Shanghai spot aluminum was quoted at 13560-13620 rmbs per ton, down 30 from yesterday, with trading from 150c to 90c rmbs per ton. Wuxi quoted 13570-13580 rmbs per ton. On Thursday, LME aluminum closed at 1982.25 dollars, down 22 from yesterday close by 1.1%. Shanghai aluminum contract 1501 ended at 13860 rmbs in the night session, up 20 by 0.14%. News out Russian aluminium giant Rusal plans to keep output largely flat for three years because healthy stock levels are sufficient to make up for any output shortfalls, a top executive said late on Wednesday. Reflecting nearby supply stress in aluminium, cash prices are trading at their narrowest discount since late August against three-month prices. Many aluminium producers have cut loss-making capacity or shut down completely as they struggle with low LME prices, high energy costs and a flood of new capacity from China. SHFE aluminum was in range bound this morning. The manufacturing data from Europe and China were better than expected, boost aluminum price. Shanghai physicals mainly traded at 13590 rmb sper ton today. Some stockiest were holding firm on price and selling reluctantly, downstream companies stocking interest were low, so they purchased cautiously.

Edited by SHMET
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