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Zinc-SHMET Spot Market Briefing20141022

Date Oct 22 2014 15:38:15Source:SHMET
Oct.22,2014(SHMET)--

Shanghai spot zinc 0# was quoted at 16620-16680 rmbs per ton, up 60 from yesterday, with a backwardation widening from 305 to 365 rmbs per ton; 1# zinc was quoted at 16560-16620 rmbs per ton, up 60 from yesterday, with trading from 245b to 305b rmbs per ton. LME three-month zinc closed at 2210 dollars, down 0.2%. The technical picture is looking generally neutral but the test of important supports like the above will be closely followed in the coming sessions. LME week talk thus far has been mainly negative with large Chinese stocks of finished metal and its possible effects of premiums points of discussion. Today, the price of main contract 1412 rose and the physicals still traded in backwardation. The traders said that price between domestic zinc and imported SMC was not small. In the physical market, Shuangyan and Yuguang traded a little more actively. The speculators mainly chose hand-to-mouth buying to avoid stocking risk. The traders were selling actively and investors mainly purchased on demand. Overall trading condition were average.

 

Edited by SHMET

Lead-SHMET Spot Market Briefing20141022

Date Oct 22 2014 15:35:57Source:SHMET
Oct.22,2014(SHMET)--

Shanghai spot lead was quoted at 13610-13730 rmbs per ton, unchanged from yesterday, with trading from 30c to 90b rmbs per ton. Overnight LME lead fluctuated higher, ended at 2035 dollars per ton, up 25 from yesterday. The whole volume in the day reduced 382 to 2570 lots, the positions down 943 to 120339 lots and the inventory kept unchanged at 224700 tons. US September exist house sales were higher than expected. It reflected that US housing market even its whole economic growth had turned better. ECB might introduce further economic stimulus measures, such as buying in corporate bonds. This news pushed the equity market higher both in Europe and US. SHFE lead main contract still showed weakness and volatility in lows this morning. Domestic economic data were not positive, lead to that rally in price lacked energy. However, the downward space were limited as the supply were tight. China's GDP growth in the third quarter was reported at 7.3%, slightly better than expected, the market sentiment turned better. In the physical market, lead price looked resilient recently and the smelters selling wills showed a little stronger, but the downstream took different opinions on price outlook with buying appetite weakened.

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20141022

Date Oct 22 2014 15:35:33Source:SHMET
Oct.22,2014(SHMET)--

Shanghai spot aluminum was quoted at 13620-13680 rmbs per ton, down 50 from yesterday, with trading from 90 c to 30c rmbs per ton. Wuxi quoted 13620-13650 rmbs per ton. On Tuesday, LME aluminum closed at 1987 dollars, up 18 by 0.91% from yesterday close. Shanghai 1412 contract ended at 13810 rmbs in the night session, up 10 by 0.07%. China's GDP growth in the third quarter was better than expected, encouraged market demand for aluminum thus lead to a rally in aluminum price. However, aluminum futures seems to be a paper tiger. SHFE aluminum trends were still weakness, short term resistance located around 13900 rmbs. IAI released some data on Monday that global aluminum output in September were 1,995,000 tons, down 63,000 from August, dropped 4000 tons from September of 2013. SHFE aluminum fluctuated down this morning. The main contract drifted lower from the highs. Shanghai physicals mainly traded at 13650 rmbs per ton. The traders said that stockiest were selling actively, but the buyers looked quite cautious in purchasing. Downstream companies still purchased on demand and the overall market performance were modest.

Edited by SHMET

Copper-SHMET Spot Market Briefing20141022

Date Oct 22 2014 15:35:10Source:SHMET
Oct.22,2014(SHMET)--

Shanghai spot copper was quoted at 47850-48050 rmbs per ton, up 250 from yesterday, with a backwardation from 50 to 150 rmbs per ton. On Tuesday, prices started low this morning but Chinese GDP figures were slightly better than expected and the market had been a bit short hence.LME copper climbed up from the level below 6600, ended up 73.75 by 1.12% at 6663 dollars. Shanghai 1501 contract closed at 47170 rmbs in the night session. Morgan Stanley said that global copper market would be tighter in 2015 due to many mine production delay and the supply for copper would appear 5th consecutive year shortfall, this shortfall would continue in next year. SHFE copper remained volatility in highs this morning. The expectations on ECB's easing policy got stronger and China's GDP figure was not less than expected, lead to a support to copper price. Shanghai physicals remained trading in a backwardation which was in the same level with yesterday's. The traders showed high enthusiasm in selling and downstream companies were in a fear-high mood to purchase cautiously.

Edited by SHMET

Nickel Import Market Briefing 20141022

Date Oct 22 2014 13:58:28Source:SHMET
Oct.22,2014(SHMET)--

Shanghai electrolytic nickel CIF (B/L) was quoted at premium of 90-110 dollars per ton, Shanghai electrolytic nickel bonded warehouse warrants premium was 10-30 dollars per ton. The nickel imports inverted about 6400 rmbs today. Current downstream purchasing demand was quite light, and the sellers were in reluctant mentality. They held the nickel warrants of Shanghai bonded and oversea warehouse, which were mainly used for buying back business. Meanwhile, the B/Ls of Shanghai CIF in the trader's hands were not many. Once the customer expressed demand, it would be delivered to Shanghai from oversea warehouse, lead to a relatively high price. Then the downstream purchasing wills got worse further. Overall market trading volume was quite thin. 

Edited by SHMET
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