nickel closed at 14380 dollars. Positive data on durable goods in the US might
have given metals a boost despite an across-the-board gain for the USD. Shanghai
spot nickel were at 105300-105700 rmbs per ton, down 200 from yesterday.
Jinchuan nickel traded at 105700 rmbs per ton, Russian nickel traded at 105300
rmbs per ton. In domestic physical market, the nickel price relatively held
well with some volume were from traders' hedging. cash-Wuxi 1504 contract were
in a high backwardation as Jinchuan sales reduced once again. Meanwhile, some
traders not yet return to the market, lead to that supply were tight.
Base metal prices led by Copper all
enjoyed a delayed rally together with all major equity market displaying a long
waited technical rebound. Price was then pulled back by weaker Euro that
reached the lowest. LME tin slightly down at 18100 dollars. Shanghai spot tin
were at 124500-127500 rmbs per ton, unchanged from yesterday. Yunnan Xiye
quoted 134500 rmbs per ton for Yunxi tin, Yunnan Chengfeng quoted 128000 rmbs
per ton for Yunheng tin. Yunxiang and Yunxiang were at 126000 rmbs per ton,
Nanshan and Weitai were at 124500 rmbs per ton. In domestic market, the spot tin
price stabilised, there were still some traders out of the market though the
holiday had end. The trading sentiment told us that supply were a little tight,
traders had stronger wills to buy in. However, overall volume were thin.
3m zinc closed at 2071 dollars, up 0.6%. 3150 mt were delivered into New
Orleans but this had no impact on prices which are firmly stuck in the current
range. The first rise for 3 months in US durable goods orders had a negligible
effect on metals, perhaps as any potential strength was offset by the USD which
jumped on the data. Shanghai spot zinc 0# were at 16095-16155 rmbs per ton,
down 25 with a back of 95-155 rmbs per ton; 1# zinc were at 16035-16095 rmbs
per ton, down 25 with a back of 35-95 rmbs per ton. Today, the traders told us
that Shuangyan mostly traded at 16145 rmbs per ton. Current quotations were
still a little higher than the downstream hopes, thus buyers were not many.
Meanwhile, downstream demand continued to be sluggish, in turn that orders were
not much. Shuangyan and 0# zinc traded slightly better but overall trading
condition were average.
spot lead were at 12370-12490 rmbs per ton, down 40 with a back of 100-220 rmbs
per ton. Overnight LME lead rose 0.6% to end at 1760 dollars as we saw
increased demand with the Chinese being back from their Lunar Holiday's, though
this was not to last as positive data from the U.S. showing better than
expected inflation and durable-goods orders helped to strengthen the dollar and
in turn push prices lower. SHFE lead trends showed a weak technical indicators
this morning. In the physical market of Shanghai, we saw more traders entering
the market and some battery factories purchasing some. Moreover, some traders
also had wills to take advantage of the lowest to replenish some stock. Therefore,
the volume were slightly better than yesterday's.
spot aluminum were at 12780-12840 rmbs per ton, down 20 with a contango of
120-60 rmbs per ton. The quotation in Wuxi were at 12800 rmbs per ton. Recent
comments from Federal Reserve Chair Janet Yellen pushed back expectations for
the first U.S. rate hike in nearly a decade to later in the year. Short
coverings brought a clear rise in aluminum. However, stronger than expected
durable goods orders in January helped the US dollar, which offset some gain in
the price of aluminum. LME copper closed at 1805 dollars, up 0.6%. SHFE aluminum
slightly fell this morning. In domestic physical market, we saw a higher volume
than before but the trading conditions were still restrained by the poor
consumption from downstream and persistently high inventory. Overall trading
sentiment were still light with major volume were just between traders. In
addition, the market trends after New Year holiday appear changes, some participants
remained cautious now, lead to that trading sentiment were less active. Most
quotations this morning were at 12790-12810 rmbs per ton.
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