ZincShanghai’s spot 1#Zinc products are quoted from RMB 18900 to 19000 per tonne, decrease RMB 250 per tonne, with trading from RMB 550 to 450 contango. 0#Zinc products are quoted between RMB 18950 and 19050 per tonne, dip RMB 250, and the contango was between RMB 500 and 400.SHFE Zinc traded in a narrow range at lower levels. The quotes from the market were still mixed, whilst traders’ attitude was more prudent.
“Though the futures moved steadily, not a same pattern as yesterday, it maybe temporary. With more and more monetary tightening policies currently, it’s difficult for the metal to rally at present.” A trader in the market said to SHMET. Both prices action and transactions are disappointing.
“Looking at the falls in prices, we have understand that the metal has a strong correction. The sales is still sluggish, as not many dealings are taking place when the holiday break gets closer. The whole volume is not large. We have sold almost 40 tonnages today.” Another trader told SHMET.
LeadShanghai’s spot Lead products are quoted from RMB 15900 to 16200 per tonne, down RMB 100. Many traders are sidelined in the current uncertain climate with fewer quotes today.
“There is a turnaround in business when the lead prices slipped. We are inclining to dump stocks immediately, even though the offer price is at a lower level. It’s unclear when there will be an end to adjustment.” A trader in the spot market said to SHMET.
“Most smelters are more willing to sell the cargoes, as lead prices plunged ahead of New Year. As a result, the market is in well-supplied. Buying emerged when the price moved lower to 16000 yuan per tonne, showing that the support level is relatively strong.” Another trader told SHMET.
AluminumChina’s spot aluminum is quoted between RMB 16680 and 16720 per tonne, drop RMB 60, and trade from RMB 130 to 90 contango. The transactions were moderate. SHFE Aluminum dropped again due to uncertain macro economic policies in current. We expect that the metal will consolidate in its ranges in the following days.
“The buyer sentiment is not influenced by the dropped prices, because they usually buy the cargoes for usage at moment. The sales is still not active.” A trader in Shanghai said to SHMET.
“The metal is in the period of confirmation for retreat, so apparently the buying sentiment is not positive. With the price going lower, we got few enquiries.” Another trader told SHMET. With the uncertain sentiment intensifying, most buyers choose to wait and see and naturally the transactions were lackluster.
CopperShanghai spot copper is quoted between RMB 59200 and 59600 per tonne, fall by RMB 450 per tonne, with trading in the range of RMB 280 and 100 contango. The transactions were moderate. Recent moves from China’s central bank to rein credit and concerns over monetary tightening as well as two conferences’ policies all depressed the market. The copper has a pull back under the volatile market and are seeking directions. We expect that the price maintain consolidating in its ranges.
“The sales is moderate, as the contango rose together with a fall in copper. The uncertain climate led to weaker buying sentiment and increased cautiousness.” A trader said to SHMET.
“Though the price fell largely, the contango shows little change. This situation shows that the market conditions are still thin. If the price is acceptable, we will sell the cargoes.” Another trader told SHMET.
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