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Nickel-SHMET Spot Market Briefing20140822

Date Aug 22 2014 16:32:57Source:SHMET
Aug.22,2014(SHMET)--

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.

Edited by SHMET

Tin-SHMET Spot Market Briefing20140822

Date Aug 22 2014 16:32:35Source:SHMET
Aug.22,2014(SHMET)--

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.

Edited by SHMET

Zinc-SHMET Spot Market Briefing20140822

Date Aug 22 2014 16:32:14Source:SHMET
Aug.22,2014(SHMET)--

Shanghai 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.

Edited by SHMET

Lead-SHMET Spot Market Briefing20140822

Date Aug 22 2014 16:31:56Source:SHMET
Aug.22,2014(SHMET)--

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.

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20140822

Date Aug 22 2014 16:31:36Source:SHMET
Aug.22,2014(SHMET)--

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.

Edited by SHMET
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