Shanghai nickel cathode CIF (B/L) was
quoted at premium of 130-150 dollars per ton, Shanghai
electrolytic nickel bonded warehouse warrants premium was 90-120 dollars
per ton. Nickel cathode import showed a loss of 2700 rmbs per ton today. Recent ratio for nickel import
continued to be in high level, thus downstream purchasing demand increased
accordingly and majority were through import. Quotations for nickel warrant and
B/L rose obviously with the volume traded better than before. Moreover, the
demand for nickel B/L were relatively big lead to a big increase in nickel
import. Domestic market price showed that many Russian nickel flew into the
domestic market due to the good import ratio, the tight supply pattern of
Russian nickel eased. And the price gap between Russian nickel and Jinchuan
nickel once again widened.
CIF (B/L) premium was quoted in 110-130 dollars per
ton; Shanghai zinc bonded warehouse warrants was quoted at a premium of
105-125 dollars, the quotations declined slowly. Today, SHFE main contract
against LME zinc were at a ratio of 7.79, LME zinc cash-3ms price were in 9 dollars
contango. The imports losses of spot zinc were about 130 rmbs per ton today,
while inversion for forward zinc imports were about 500 rmbs per ton. Towards
month-end, the buyers' demand for L/C reduced, thus the demand for imported
zinc also slipped. Current market were quite light, but the retreatment in
price ratio were also a reason which lead to a light market trading. Meanwhile,
the traded premium declined slowly.
Shanghai aluminum CIF
(B/L) premium was 380-400 dollars per ton; Shanghai aluminum bonded warehouse
warrants premium was 360-380 dollars per ton, it seemed to stabilise. SHFE the
month contract against 3m LME aluminum were at 6.97, LME aluminum cash price
against 3m aluminum were in 11 dollars contango. Today, the physical aluminum
ingot imported price hung upside down about 3500 rmbs, the forward aluminum
imports inverted about 3600 rmbs. Aluminum premium continued staying in high
level with a import losses of 3000-4000 rmbs per ton. Downstream consumers were
unable to import continuously, domestic purchasing demand were restricted continuously.
Moreover, the supply for Shanghai bonded aluminum warrant and CIF Shanghai were
not many, thus sellers were reluctant to sell while buying appetite were less
as well. Overall trading were light.
copper CIF(B/L) premium was quoted at 80-90 dollars per ton. Shanghai electrolytic
copper bonded warehouse warrants premium was quoted at 75-90 dollars per ton, the
quotations stabilised. Shanghai spot copper against
LME 3m copper were at 7.32, SHFE 3m copper against LME copper were at 7.25, LME
cash-3m were at 38 dollars backwardation. Today, the physical copper imported
price inverted about 700 rmbs per ton, forward copper price hung upside down
about 1400 rmbs per ton. Recent warrant supply were not
many, the sell offer of B/L were quite active, but towards the month-end,
downstream demand for L/C were less. Therefore, the buying demand for copper
also reduced, recent traded premium also appeared slow decline.
LME nickel fell 0.9% and
ended at 14900 dollars overnight. Investors will next be eyeing U.S.
fourth-quarter gross domestic product data due out on Friday that may show a
solid pace of economic expansion as the Fed had described in its policy
statement on Wednesday. Shanghai spot nickel were quoted at 107700-108100 rmbs
per ton, down 200 from yesterday. Jinchuan nickel traded at 108100 rmbs per ton,
Russian nickel traded at 107700 rmbs per ton. In domestic physical market, the
spot price trends of nickel remained stable. The traders had a stronger
willingness to sell, but the downstream buying appetite weakened. It seemed
difficult to trade at higher price as downstream were mainly on the sidelines.
Overall trading volume were small today. The nickel ore inventory at port
continued falling from previously. Short term supply/demand were not positive
and macro factors had a bigger effect on short term market trends. However, the
fundamental data of China' nickel looked comparatively good.
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