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Nickel-SHMET Spot Market Briefing20141121

Date Nov 21 2014 16:36:21Source:SHMET
Nov.21,2014(SHMET)--

LME nickel rose 1.3% to close at 16355 dollars, hitting a five-week high of 16440 dollars due to the expectation on China's nickel ore supply deficit. Today, Shanghai spot nickel was quoted at 111300-111500 rmbs per ton, up 500 from the previous session. Jinchuan nickel traded at 111500 rmbs per ton, Russian nickel traded at 111300 rmbs per ton. In domestic market, physical nickel price slightly rose and the turnover recovered as Philippine's nickel ore loading quantity lowered apparently due to the effect of its rainy season, it meant nickel ore supply might be shortfall. China's ferronickel production reduction had already been implemented, which hardly improved again with this year. Domestic ferronickel price rose sharply, the inventory in stainless steel mills reduced from previously and downstream restarted purchasing for nickel cathode, with market trading were active.

Edited by SHMET

Tin-SHMET Spot Market Briefing20141121

Date Nov 21 2014 16:21:38Source:SHMET
Nov.21,2014(SHMET)--

LME tin jumped up 3.6% and closed at 20295 dollars with hitting over one-month high. Today, the spot tin was quoted at 133000-136500 rmbs per ton, unchanged from the previous session. Yunnan Xiye quoted 138000 rmbs per ton for Yunxi tin, Yunnan Chengfeng quoted 136000 rmbs per ton for Yunheng tin. Jinhai and Feidie quoted 136000 rmbs per ton, Nanshan and Weitai quoted 133000 rmbs per ton. HSBC yesterday released China's November manufacturing PMI at 50.0, hitting the lowest in six months. Suggest housing market and exports were still facing uncertainties, thus economic downward pressure were quite serious. In domestic physical market, the price for tin changed slightly with a modest turnover. Upstream smelters remained sales in lower level, downstream companies stick to purchasing on demand but demand was still sluggish. The overall bearish sentiment were heavier and the wait-and-see mood also became more serious.

 

Edited by SHMET

Zinc-SHMET Spot Market Briefing20141121

Date Nov 21 2014 16:14:09Source:SHMET
Nov.21,2014(SHMET)--

LME three-month zinc closed at 2252 dollars, down 0.1% overnight. It opened lower dominated by selling initially then bounced back trying to move higher a few times without success. It was capped well below yesterday's close with investors showing no interest to pay anything higher but is not ready either to let price slip further below 2240. Sentiment remained fragile without many fundamentals to act on. Shanghai spot zinc 0# was quoted at 16970-17030 rmbs per ton, unchanged from yesterday, with trading in a back of 250-310 rmbs per ton. 1# zinc was quoted at 16910-16970 rmbs per ton, unchanged from yesterday, with trading from 190b to 250b rmbs per ton. Today, the spot zinc price rose against 1501 main contract. The smelters were selling as normal, the inventory of some domestic zinc were not many. The stockiest had high enthusiasm in selling. The traders said that Shuangyan, imported zinc and ordinary 0# zinc traded a little actively. Some investors were in a wait-and-see mood, thus overall trading volume were quite small.

Edited by SHMET

Lead-SHMET Spot Market Briefing20141121

Date Nov 21 2014 15:52:06Source:SHMET
Nov.21,2014(SHMET)--

Shanghai spot lead was quoted at 13460-13580 rmbs per ton, down 20 from yesterday, with trading from 65c to 55b rmbs per ton. Overnight LME lead fluctuated higher to close at 2035 dollars per ton, up 6. With the mixed economic data seen today, where we saw poor PMI data from China and positive Jobless figures from the U.S., investors seemed to be evermore uncertain about market direction and decided to sit on the fence. SHFE lead price continued the sideways in lower range without any signal for rally as domestic economic outlook were not clear and fundamentals for lead did not appear improvement. The physical lead price were struggling to recover with the turnover remaining modest. The smelters were under big pressure and downstream purchasing strengths were relatively weak. Overall market trading improved little.

 

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20141121

Date Nov 21 2014 15:42:52Source:SHMET
Nov.21,2014(SHMET)--

Shanghai spot aluminum was quoted at 13650-13710 rmbs per ton, up 40 from yesterday with trading from 55c to 5b rmbs per ton. Wuxi quoted 13690-13700 rmbs per ton. LME Aluminium has put in a nice daily close, building on the previous session's positive reversal to the upside. This has brought an end to the technical selling pressure which drove it lower last week. Aluminium market players shrugged off slightly poorer than expected Chinese PMI figures and early falls in equity markets. US economic data were quite positive, indicated that its economic recovery were underway. SHFE aluminum continued the upward momentum in the previous trading day. In domestic physical market, despite some anaylsts said that global aluminum supply deficit would bullish the market outlook, but recent period's overall downstream purchasing orders gave us a feel that trading condition still underperformed. Although some users purchased on demand, but the opinions between upstream and downstream remained divided. This morning, ordinary aluminum ingots quotations continued rising with main contract trading at 13690-13700 rmbs per ton.

 

Edited by SHMET
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