Today, Shanghai spot nickel was quoted at
130300-130700 rmbs per ton, up 100 from the previous session. Jinchuan nickel
traded at 130700 rmbs per ton, Russian nickel traded at 130300 rmbs per ton.
Swiss banks expected nickel price would rose to 10 dollar per pound in 2015,
but pointed this price would not last. China Iron and Steel Association
released an information, that domestic steel composite price index was 92.99.
Whatever compared with last month or the same month of last year, it fell.
Since July, the price have continued falling and have hit new low constantly.
Meanwhile, the important iron and steel companies still kept inventories which
were higher than the same period of the past three years. LME nickel closed at
18825 dollars, less than Wednesday's 18950 dollars.In domestic market, the
trading was relatively light and the traders remained on sidelines cautiously.
A lot of factors restricted the upward space for price, such as: a large number
of project lead to a sufficient backup supply, slowly improving new mine output
and purchase for options.
Today, the spot tin was quoted at
140500-142000 rmbs per ton, unchanged from yesterday. Yunxi tin was quoted at
143000 and Yunheng tin was quoted at 144000 rmbs per ton. Jinhai and Feidie
quoted 141500, Nanshan and Weitai quoted 140500 rmbs per ton. Business growth
in China and across Europe slowed this month, surveys showed on Thursday,
providing more evidence that the world economy is stuttering and may
need more monetary stimulus to keep it going. LME tin closed at 22200 dollars,
lower than Wednesday's 22420 dollars. Euro zone August manufacturing industry
and service sector activities both slowed down, reflected that euro zone
economy constantly remained weak. In domestic market, the spot tin stabilized
and the overall market trading remained light. The upstream smelters mostly
held firm on price and were affected by a reluctant sellers mentality. The
downstream buyers continued to be cautious and they still remained purchasing
on demand. However, the downstream demand still was poor, the traders continued
use hand-to mouth buying.
spot zinc 0# was quoted at 16870-16930 rmbs per ton, up 50 from yesterday, with
trading from 25b to 85b rmbs per ton. 1# zinc was quoted at 16810-16870 rmbs
per ton, up 50, with trading from 35 c to 25b rmbs per ton. Growth in China's
vast factory sector slowed to a three-month low in August as output and new
orders moderated, a preliminary private survey showed on Thursday, heightening
concerns about increasing softness in the economy. U.S. home resales rose
to a 10-month high in July and the number of Americans filing new claims for
unemployment benefits fell last week, signaling strength in
the economy early in the third quarter. LME three-month zinc closed
at 2362 dollars.Today, the spot zinc price increased against futures. The market
trading for both domestic and imported zinc steady relatively. The traders said
that Shuangyan, Yuguang traded a little more actively and smelters remained
normal selling. However, the buyers hesitated to purchase because the cautious
mood continue clouding the market and the dealers have high enthusiasm in
selling, overall turnover was better than yesterday.
Shanghai spot lead was quoted at 14380-14500 rmbs per
ton, unchanged from the previous session, with trading from 260 c to 140 c rmbs
per ton. Overnight LME lead fluctuated in a broad range, ended at 2246 dollars
per ton, down 9. The whole volume of the day increased 315 to 3876 lots, the
positions down 1654 to 130615 lots and LME lead stocks reached 217200 tons, up
1600, the first rally for 5 days. U.S. home resales rose to a 10-month high in
July and the number of Americans filing new claims for unemployment benefits
fell last week, signaling strength in the economy early in the third
quarter. SHFE lead upward momentum likely to chill, due to the effect of
China's less than expected PMI data. However, the PMI data still held above the
key 50 level that separates contraction from expansion. The report from Markit
pointed that August US manufacturing PMI initial reading was 58, higher than
July's 55.8, recorded the highest level since April of 2010. The smelters all
had products entering the physical market, the traders purchased relatively
active because the price gap widened. However, the downstream regarded the
sharp rise as short term, because of the lack of fundamentals support. This
lead to a light trading in the market.
Shanghai spot aluminum was quoted at
14220-14280 rmbs per ton, unchanged from yesterday, with trading from 60 c to
level. Wuxi quoted 14250-14260 rmbs per ton. The report from Markit pointed
that August US manufacturing PMI initial reading was 58, higher than July's
55.8, recorded the highest level since April of 2010. On Thursday, LME aluminum
closed at 2058.5 dollars, down 16.5 from the previous close by 0.8%. Shanghai
1410 contract ended at 14275 rmbs in the night session, down 15/0.1% from the
previous settlement. US July existing home sales annual figure increased to
5150000 unexpectedly, hit a record new high since September of 2013.SHFE
aluminum was in range bound this morning. Good economic data provided support
to aluminum price, but HSBC released July China's PMI data which was less than
expected, put aluminum under pressure. Shanghai physicals mainly traded at
14250 rmbs per ton. The traders have high enthusiasm in selling, but the
downstream companies buying interest was weak. The overall trading in the
market was moderate today.
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