Shanghai cathode nickel CIF (B/L) premiums were at 120-150 dollars per ton, while the warrant premiums were at 120-150 dollars per ton. Import of Jinchuan nickel profited about 1800 rmbs today while Russina nickel import profited about 1800 rmbs per ton. Cathode nickel import ratio picked up once again. Recently a lot of sellers directly import Russian nickel lead to the quotations of Russian Shanghai bonded warrant were quite relatively high, at 140-150 dollars. Norway nickel warrant in Shanghai bonded warehouse was at about 200 dollars premium, we also heard that some Japanese nickel B/L had been quoted at 150 dollars per ton today.
Shanghai zinc CIF (B/L) premium was quoted in 110-130 dollars per ton; Shanghai zinc bonded warehouse warrants was quoted at a premium of 110-130 dollars, the quotations stabilised today.SHFE main contract against LME zinc at a ratio of 8.59. LME zinc cash-3ms price were in 4 dollar contango. The imports of spot zinc profited about 750 rmbs per ton today, while the forward zinc import profited about 200 dollars. Zinc import ratio returned today but it was still on highs with major qtuotation of import premium stayed high too. This morning, we learned some sellers quoted 125-130 dollars per ton for SMC,KZ etc zinc ingot premium. The buyers showed strong purchasing wills but the volume was small in fact as the quotations were too high to encourage purchase.
Shanghai aluminum CIF (B/L) premium was 100-140 dollars per ton; Shanghai aluminum bonded warehouse warrants premium was 110-130 dollars per ton. Premium showed evidence of stabilising. SHFE the month contract against 3m LME aluminum were at 7.86. LME aluminum cash price against 3m aluminum were in 25 dollars contango. Today, the physical aluminum ingot imported price hung upside down about 400 rmbs, the forward aluminum imports lost about 650 rmbs. Aluminum import ratio narrowed slightly but market continued to be quiet. The consumer factories had less wills to import aluminum as local suppy was plenty. Currently, there were only a small number of traders having interest in buying aluminum cheaply as they believed the downward room of premium was not big. However, most sellers would not like to sell at lower price as current LME forward premium of aluminum was enough to cover the fund cost and warehousing cost of dealers. Moreover, it is still profitable. Therefore, the sellers were not urgent to sell and the market trading was still modest.
Shanghai electrolytic copper CIF(B/L) premium was quoted at 95-105 dollars per ton. Shanghai electrolytic copper bonded warehouse warrants premium was quoted at 95-105 dollars per ton, the premium quotations rose slightly. Shanghai spot copper against LME 3m copper were at 7.75, SHFE 3m copper against LME copper were at 7.69. LME cash-3m was at 8 dollars back. Today, the physical copper import profited about 480 rmbs per ton, three month forward copper import lost about 200 dollars. LME copper fell to 5000 dollars around, quotations of import copper premium rose and import ratio picked up slightly. Seller’s quotations were still firm. Currently the fire-processing copper B/L on the LME was quoted at 105-110 dollars, while warrant was basically at 105-110 dollars. However, the volume was near zero. The major supply on the market was fire-processing copper, the wet-processing copper offer was rare to be seen. The market was really quiet recently.
Base metals were unsettled during Friday’s pre-LME sessions, despite a fairly strong close the previous session. Negative data out of China overnight dampened sentiment, Caixin – previously HSBC – flash manufacturing PMI undershot expectations at 47.1 – below the 50 contraction level..Nickel at $10,195 was down $210 although stocks were down 900 tonnes to 454,992 tonnes and cancelled warrants jumped 5,844 tonnes – predominantly due to metal booked for removal in Rotterdam. Today, Shanghai spot nickel was quoted at 76200-76600 rmbs per ton, down 3600. Jinchuan nickel traded at 76600 rmbs per ton, Russian nickel traded at 76200 rmbs per ton. The big falls in price of nickel lead to a serious pessimistic sentiment in the market. The buyers purchasing wills were attacked as well. Despite merchants still quoted but they obviously hesitated to sell. Overall trading was quiet this morning.
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