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Nickel-SHMET Spot Market Briefing20150417

Date Apr 17 2015 14:58:08Source:SHMET
Apr.17,2015(SHMET)--

Nickel prices made tentative gains, despite a 1146 mt net jump in LME warehouse stocks. Prices have stopped falling, we believe, as Chinese producers are reported to be cutting back production as they are unwilling to sell at these low prices. This may be the case, but there is still ample metal being delivered into warehouse elsewhere in the world. But at least it could be the beginning of a sideways consolidation as prices stop falling. Hopes of economic stimulus in China also supported metals today. SHFE nickel were at 96280 rmbs per ton on the opening with trends looked volatility and the new longs clearly increased. Shanghai spot nickel were at 94000-95300 rmbs per ton, down 200. Jinchuan nickel traded at 95300 rmbs per ton, Russian nickel traded at 94000 rmbs per ton. In domestic physical market, nickel price slightly shocked. Jinchuan factory-gate were not yet adjusted. The backwardation remained stable, downstream demand were poor. The trading were light and sentiment were warmer. The trading between traders were clearly more.

Edited by SHMET

Tin-SHMET Spot Market Briefing20150417

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

Tin continued to be sold completely lost it to trade below $15000 at $14800 the low for the first time since Feb 2010. With LME price now below SHFE, the opening of the arbitrage window might attract some buying to support the price but the question is how much confidence traders have when placing their bet while fundamentals for the metal is still very weak. SHFE 1507 contract were at 113010 rmbs per ton on the opening, most people took profit and some new bears continued entering market. Shanghai spot tin were at 111000-112500 rmbs per ton, down 750 rmbs per ton. Yunxi were at 120000 rmbs per ton, Yunheng were at 113000 rmbs per ton. Yunxiang were at 112000 rmbs per ton, Nanshan and Weitai were at 111000 rmbs per ton. In domestic physical market, the price of tin continued slipping, some dealers said the volume slightly turned better but the market were still quiet in general. Three-line brands supply reduced, nearly reached tight situation but the price got little support from it.

Edited by SHMET

Zinc-SHMET Spot Market Briefing20150417

Date Apr 17 2015 14:40:31Source:SHMET
Apr.17,2015(SHMET)--

Under the impulsion of copper, zinc renewed with gains in strong fashion, breaking through the 200 day MA in the process and posted a fresh yearly high. The sentiment seems to be turning around now that all major MAs are below the price, however this is not supported by true fundamental reasons and could well be reversed at the next upset. Still the resilience which has been a feature for over a month is now well settled. LME 3m zinc closed at 2228 dollars, up 1.1%. Shanghai spot zinc 0# were at 16480-16540 rmbs per ton, up 65 with a contango from 135 to 75 rmbs per ton. 1# zinc were at 16420-16480 rmbs per ton, up 65 with a contango from 195 to 135 rmbs per ton. Today, the traders told us that their Shuangyan zinc mainly traded at 16535 rmbs per ton around. Current price seemed to be higher for the downstream, so buyers were not many. Meanwhile, downstream consumer demand were still sluggish. The orders were not many, Shangyan, 0# zinc traded slightly better and overall trading were just flat.

Edited by SHMET

Lead-SHMET Spot Market Briefing20150417

Date Apr 17 2015 14:35:35Source:SHMET
Apr.17,2015(SHMET)--

Shanghai spot lead were at 13350-13470 rmbs per ton, up 220 from yesterday with a contango of 160-40 rmbs per ton. Lead still bullish was to climb further as the funds attained their buying spree for fears of a drought of the metal and pushing it to the high of the day at $2240 not seen since December. The stocks data in the morning also showed fresh cancellations of the metal of 15,650 tonnes and indicating that almost half of the stocks are now cancelled and not available to consumers. LME closed at 2045, up 42 dollars per ton. Volume in the day up 163 to 5370 lots, positions down 475 to 139461 lots and inventory down 2525 to 208500 tons. SHFE lead most traded contract returned to the trading range before November of last year powerfully, which indicated that the sharp reduction in supply caused by low price had worked on the market. Short term tight pattern of supply likely to continue, suggest probe longs at 13500 rmbs per ton for 1506 contract and protect at/below 13400 rmbs per ton. In domestic physical market, the price showed a strong rise recently. The sales in smelters were less and supply were tight continuously. The traders had strong wills to replenish stock but it is not easy to find supply, downstream still remained small-volume purchasing.

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20150417

Date Apr 17 2015 14:25:05Source:SHMET
Apr.17,2015(SHMET)--

Shanghai spot aluminum were at 13080-13140 rmbs per ton, up 90 from yesterday with a contango from 135 to 75 rmbs per ton. The quotations in Wuxi were at 13100-13110 rmbs per ton. Base metals were mostly higher on Thursday during Asian trade after underwhelming economic data from China prompts stimulus prospects. A weaker dollar is also helping to support commodity buying. LME aluminum eventually closed at 1820 dollars, up 8. SHFE aluminum fluctuated higher this morning. In domestic physical market, bolstered by the rally on the SHFE current market sentiment picked up and some dealers were confident again on increasing price. However, overall downstream purchasing volume were still limited. The trading activity were not so good as expected, the cautious people said the trading might continue light pattern in short term. We also saw that traders had higher enthusiasm in inquiring about price, some people said that volume would rose more or less on weekends. This morning, most quotations were at 13100-13130 rmbs per ton. 

Edited by SHMET
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