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Tin-SHMET Spot Market Briefing20140919

Date Sep 19 2014 16:54:53Source:SHMET
Sep.19,2014(SHMET)--

Today, the spot tin was quoted at 138500-140500 rmbs per ton, unchanged from the previous session. Yunnan xiye quoted 143000 rmbs per ton for yunxi tin, Yunnan Chengfeng offered 140000 rmbs per ton for Yunheng tin. Jinhai and Feidie offered 139500 rmbs per ton, Nanshan and Weitai quoted 138500 rmbs per ton. The base metals slipped on Thursday, pressured by renewed weakness in China's property market and by a sharp rise in the dollar after the U.S. Federal Reserve signaled interest rates could rise faster than expected. LME tin closed with zero volume traded at 21225 dollars, down 0.4%. US Fed still kept highly easing policy for a considerable time, lead to that a rise in stock market. In addition, euro strengthened and oil price dropped seriously. In domestic market, the spot tin price was running steadily. The market supply was few and the turnover was modest. Currently, the price already stabilised, but the market confidence still need further recovery. Upstream smelters did their best to hold firm on selling price but the downstream demand was still not good, the buyers purchased only on demand.

Edited by SHMET

Zinc-SHMET Spot Market Briefing20140919

Date Sep 19 2014 16:54:34Source:SHMET
Sep.19,2014(SHMET)--

Shanghai spot zinc 0# was quoted at 16560-16620 rmbs per ton, up 70 from yesterday, with a backwardation widening from 185 to 245 rmbs per ton. 1# zinc was quoted at 16500-16560 rmbs per ton, up 70 from yesterday, with trading from 125b to 185b rmbs per ton. The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting a sharp slowdown in job growth in August was an aberration. While other data on Thursday showed some weakness in home building and factory activity, the underlying trend remained supportive of solid economic growth in the third quarter. LME three-month zinc closed at 2264 dollars, down 0.2%.Today, the spot zinc price rose against futures and it was still in contango. Recently the smelters were selling as normal, part of the domestic inventory remained high and the stockiest were selling actively. It was learned from traders that Shuangyan, SMC imported and ordinary 0# zinc traded a little more actively. Some investors wait-and-see sentiment became heavier and the overall trading volume was moderate.

Edited by SHMET

Lead-SHMET Spot Market Briefing20140919

Date Sep 19 2014 16:54:15Source:SHMET
Sep.19,2014(SHMET)--

Shanghai spot lead was quoted at 13730-13850 rmbs per ton, down 50 from the previous session, with a contango narrowing from 185 to 65 rmbs per ton. Overnight LME lead fluctuated down, ended at 2076 dollars per ton, lower 31 dollars. The whole volume in the day increased 577 to 3819 lots, the positions decreased 2201 to 127652 lots. LME lead inventory reported at 225475 tons, down 175 tons in the day, it already reduced for a fourth straight day.China's new home prices in August declined for a fourth straight month, underlining a deepening downtrend in the property market that is increasingly weighing on the broader economy. In addition, US Fed hinted that rate hiking pace might be quicker than expected, also pushed dollar to rise sharply. SHFE lead market was clouded with trading cautious mood. The fundamentals did not showed any improvement and the expectation on Fed's tighten monetary also weighed on lead price and caused a lot of difficulties for rally. In domestic market, the smelter sales showed loosing, the fund pressure eased through small amount selling. Meanwhile, the traders still had high enthusiasm. Lead price already fell back to the level before it rose in July. As the absolutely price of lead was lower, the downstream buyers increased the purchasing on dips gradually and the trading volume increased as well.

 

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20140919

Date Sep 19 2014 16:53:48Source:SHMET
Sep.19,2014(SHMET)--

Shanghai spot aluminum was quoted at 14230-14290 rmbs per ton, down 20 from yesterday, with trading from 30c to 30b rmbs per ton. Wuxi offered 14270-14300 rmbs per ton. One factor impact on aluminum price was a decline in China's new home prices in August for a fourth straight month, underlining a deepening downtrend in the property market that is increasingly weighing on the broader economy. In addition, US Fed hinted that rate hiking pace might be quicker than expected, also pushed dollar to rise sharply. As a result, aluminum price drifted lower. On Thursday, LME aluminum closed at 1984 dollars, down 14 from the previous session by 0.7%. Shanghai 1411 contract ended at 14230 rmbs in the night session, down 55 by 0.39%. The following US economic data were mixed, did not point a clear direction for investors. SHFE aluminum fluctuated in lows this morning. Shanghai physicals mainly traded at 14260 rmbs per ton. The stockiest showed high enthusiasm in selling and traders held firm on selling price. As the downstream buying saw increasing, today's overall trading looked better than yesterday.

Edited by SHMET
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