LME nickel rose to 9-month high of 15487 and ended at 15470 dollars, higher than Wednesday’s 15270. Today, Shanghai spot nickel was quoted at 94900-95900 rmbs per ton, rose 600 from yesterday. Jinchuan nickel traded at 95900 rmbs per ton and Russian nickel traded at 94900 rmbs per ton. In the absence of major economic news the price struggled for direction and looks set to consolidate with an upside bias. On the domestic market, nickel price rallied with a relatively light trading condition. LME nickel rise because of the cost growth, but the stainless steel export data climbed up to a record high. It suggest a poor domestic demand for stainless steel. The spread between domestic and abroad further widened, current domestic consumption does not appear signs of improvement.
LME tin rose from 23250 to 23320 dollars. Today, the spot tin was quoted at 141000-144000 rmbs per ton, unchanged from yesterday. Yunnan xiye and Yunnan Chengfeng maintained yesterday’s factory prices. Jinhai and Yunshan offered 142500 rmbs per ton, Yunxiang, Nanshan and Weitai offered 141000 rmbs per ton. Yesterday, the market continue to concern about Chinese NPC and CPPCC, as China is one of the biggest consumer countries. China’s economic growth target of 7.5% can be achieved or not, will affect the metal demand. On the domestic market, tin price remained steady and the turnover turned better slightly. Altough the traders are active to quote and sell, but the downstream end-consumption is not enough. The manufactors still chose to purchase by demand.
LME zinc closed at 2110.75 dollars, edged up $0.75/0.04%. Shanghai spot zinc 0# was quoted at 14920-14980 rmbs per ton, unchanged, with trading in a narrowing contango from 245 to 185 rmbs per ton; 1# zinc was quoted at 14860-14920 rmbs per ton, unchanged, with trading in contango which narrowed from 305 to 245 rmbs per ton. Today, the spot zinc price lowered against the future price but is still in contango. The traders are very active to sell. Qinxin, Shuangyan traded more active. The imported zinc traded not good. Near term smelters operating rate is stable. The traders maintained a cautiou operation in purchasing, lead to a very light trading condition.
Shanghai spot lead was quoted at 13700-13820 rmbs per ton, down 30 from the previous day, with trading from contango of 90 to backwardation of 30 rmbs per ton. Lead had another mixed day of trading with still concerns over Chinese demand taking there toll on prices and also worse than expected manufacturing index data from China at a seven month low. But prices were to climb by the afternoon with better than expected jobless claims fell last week to its lowest level since November and positivity surrounding non-farm payroll data which will be released tomorrow. LME lead climbed from 2136.50 up to 2145 dollars per ton. SHFE lead returned after hitting a high. The trends was up, help the mentality on spot market stabilized. The low-cost sellers reduced. However, the overall pattern is still oversupply. The spot lead price still lack of energy of rising. Many traders hold a negative view on the market outlook.
Shanghai spot aluminum was quoted at 12800-12860 rmbs per ton, down 20, with trading in contango which narrowed from 270 to 210 rmbs per ton. Wuxi quoted 12790-12850 rmbs per ton. Markets are still nervous and waiting for the Fridays U.S. jobs report. Also to what happens next with the Russia and Ukraine dispute the latest fear is gas shortages in Europe if Russia cuts Ukraine off. LME 3-month aluminum closed without trading volume at 1795 dollars, slightly higher than the previous trading day’s 1775 dollars. SHFE aluminum rose first but later it fell. Recent inventory growth make the businesses feared, as the current selling pressure. Moreover, the buyers are hold a wait-and-see attitude. Therefore, the trading volume would not appear big improvement in short term. This morning, the ordinary aluminum was quoted at 12830 rmbs per ton.
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