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SHMET Spot Market Briefing 20100312-Copper

Date Mar 12 2010 14:44:38Source:SHMET

Copper
China’s spot Copper is quoted between RMB 58500 and 58850 per tonne, down RMB 250 per tonne, with trading from RMB 100 contango to flat. China’s unwrought copper and products import has picked up by 10.3% y/y in Feb, while copper production has also increased by 16.2% in Jan and Feb to 702kt. The well-supplied conditions in turns weighed on the prices.

“ Though the CPI figures raised worries of credit tightening, some China officials suggested that the relatively loose policy will not withdraw from the market at present. I think this impact is just short lived. SHFE Copper traded higher on yesterday by mid afternoon, reflecting the further downside should be limited.” A trader said to SHMET.

“ We are looking for the recovery in demand. Most deals were completed around 58700 yuan per tonne. There is more buying emerging from the downstream in spite of not positive sentiment. The daily average shipment is nearly 300 tonnages.” Another trader told SHMET.

SHMET Spot Market Briefing 20100311-Nickel

Date Mar 11 2010 14:00:09Source:SHMET

Nickel
Depressed by drastically tumbling LME price, China’s spot Nickel is quoted from RMB 157500 to 158500 per tonne, dropping RMB 2500. Buyers adopt a more look-on attitude for market, while the traders who keep stocks prefer to selling cargoes in eager.

“ Due to higher producers’ prices, we didn’t make any offers so that the transaction was thin today. Nickel appeared to correct from its booming price earlier. Without support from positive news,it would be further correction. ”A trader said to SHMET.

“Jinchuan Nickel was quoted at RMB 158500 per tonne, while Imported Nickel was quoted at RMB 157500 per tonne. However we got no enquiry today. Afterwards we reduce Jinchuan Nickel’s prices to RMB 158000 per tonne, still no buying emerging.” Another trader said to SHMET.

SHMET Spot Market Briefing 20100311-Tin

Date Mar 11 2010 13:59:32Source:SHMET

Tin
China’s spot Tin is quoted between RMB 141500 and 142500 per tonne, flat. Yunnan Tin is quoted around RMB 142500 per tonne, while other products are quoted around RMB 141500 per tonne. With stable offer prices, the transaction was thin and reluctance of buying cargoes.

“ We sold a lot of cargoes today beyond the local market. Higher-graded products, such as Yunnan Tin, were quoted around RMB 141500 per tone, while lower-graded products were quoted at 141000 per tonne. Due to higher price in Shanghai market, it was rather tough for transaction in the local market today. ”A trader said to SHMET.

“ With little change in LME, SHFE price stood at a steady level. There was no significant improvement for transaction in the domestic market today. Our offer price was higher than other traders, so there was no transaction today. ” Another trader said to SHMET.

SHMET Spot Market Briefing 20100311-Zinc

Date Mar 11 2010 13:59:03Source:SHMET

Zinc
Shanghai 0#Zinc is quoted between RMB 18100 and 18200 per tonne, down RMB 300 per tonne, with trading from RMB 545 to 445 contango; 1#Zinc is quoted between RMB 18050 and 18150 per tonne, down RMB 300 per tonne, with trading from RMB 595 to 495 contango. The Zinc price will get benefit from the strong Chinese import data due out yesterday. Though the price has been declined, considering the booming trend before, the falls of the morning trading can be viewed as a logical retreat. We take an optimistic view on the Zinc price in the future.

"The inquirers have increased, and so is sales. It is the time that we shall boost the lagging consumption now." Some Zinc trader said to SHMET in the morning.

"Despite the contango of Zinc price narrowed, the price has fallen. Nowadays, the whole trend of Zinc market is optimistic. Let's wait and see when the market will be flourish." Another Zinc trader said to SHMET. It is learned that the trader has sold out all the Zinc ingot today, and the sales is very good.

SHMET Spot Market Briefing 20100311-Lead

Date Mar 11 2010 13:58:17Source:SHMET

Lead
Chinese spot Lead is quoted between RMB 15600 and 15800 per tonne, decreasing RMB 100. The spot lead falled a little under the pretty choppy market conditions. The supply side is ample but the demand is weak, therefore the market is imbalance. All in all, the overall situation is improving.

“ Overnight LME trading saw little change, so I expect the price will be stable. Our shipment is unsatisfactory as we just sold 60 tonnes of cargoes.” A trader on the spot market told SHMET in the morning.

“ The market is not robust after New Year holidays, leading to subdued spot trading. Much cargo is on offer with steady prices. Some buyers who have enough stocks didn’t buy the cargoes immediately, contributing to consumption lagging behind.” Another trader said to SHMET.