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SHMET Spot Market Briefing 20100311-Aluminum

Date Mar 11 2010 13:57:43Source:SHMET

Aluminum
China’s spot Aluminum is quoted from RMB 16270 and 16330 per tonne, dropping RMB 30, with trading from RMB 160 to 100 contango. The spread between Shanghai aluminum and LME is widening. LME Warehouse stocks continued to fall to the lowest level since last July with a cancellation rate of 6%.

“ Today’s SHFE Aluminum can not shake off the weight from the upper MA. Shanghai aluminum performed weaker than LME in the days following Chinese New Year holidays. The look-on attitude has intensified particularly during the period of Two Conferences. We just sold over 500 tonnages yet.” A Shanghai-based trader told SHMET.

“ Aluminum prices held firmly at 16300 yuan per tonne. Traders are bullish over coming days. Despite cautious consumers, the ended-demand is likely to recover strongly by the early April.” Another trader in Shanghai said to SHMET.

SHMET Spot Market Briefing 20100311-Copper

Date Mar 11 2010 13:57:14Source:SHMET

Copper
China’s spot Copper is quoted between RMB 58600 and 59100 per tonne, down RMB 700 per tonne, with trading from RMB 200 to 50 contango. The US Wholesale Inventory figures are disappointed with continuing decreased LME stocks and rising canceled warrant. Chinese Feb import and export grew also underpinned copper prices.

“ Since March, the canceled warrant has been above 5% and it hit the new 8 months high, reflecting both China and other countries have been in the period of replenish. Though the consumption has not got evident improvement these two days, our transaction becomes active with increasing enquiries.” A trading source said to SHMET.

“ The sales is mild. The prices were mainly concentrating around 58800 yuan per tonne. We saw more Import products circulating in the market, and it also shows that the demand is gradually recovering.” Another trading source told SHMET.

SHMET Spot Market Briefing 20100310-Nickel

Date Mar 10 2010 14:06:02Source:SHMET

Nickel
China’s spot Nickel is quoted from RMB 160000 to 161000 per tonne, flat, with moderate transaction. Price kept consolidating around RMB 160000. Due to relatively high prices, the buying enthusiasm is weak, while traders were favorable to sell cargoes. With oversupply on the market, little upside momentum was seen.

“Jinchuan Nickel was quoted at RMB 161000 per tonne with fewer enquires and lackluster transaction. While buyers were unwilling to buy cargoes above RMB 160000 per tonne, it was tough to sell cargoes. ”A trader said to SHMET.

“ The offer price of Jinchuan Nickel was below RMB 160500 per tonne. Many market players sold off Nickel, so buyers were also unwilling to buy cargoes at higher price. ”Another trader said to SHMET.

SHMET Spot Market Briefing 20100310-Tin

Date Mar 10 2010 14:05:32Source:SHMET

Tin
China’s spot Tin is quoted between RMB 141500 and 142500 per tonne, up RMB 500 per tonne. Yunnan Tin is quoted around RMB 142500 per tonne, while other products are quoted around RMB 141500 per tonne. Spot tin in the domestic market got a boost from booming LME Tin yesterday. Concerning about price, there were more enquires in the AM session.

“ The transaction was influenced by offer prices from mills. Despite the rising price in LME, the demand of domestic market was not good. ”A trader said to SHMET.

“ A quick rise in LME market offered few support to the price of domestic spot market in shot term. The price now stood at a high level with thin demand, so the room for rising was limited. ”Another trader said to SHMET.

SHMET Spot Market Briefing 20100310-Zinc

Date Mar 10 2010 14:05:06Source:SHMET

Zinc
Shanghai spot 0#Znic is qouted between RMB 18400 and 18500 per tonne, up RMB 200 per tonne, with trading from RMB 670 to 570 contango. 1# Znic is quoted between RMB 18350 and 18450 per tonne, up RMB 200 per tonne, with trading from RMB 720 to 620 contango. Due to the anticipation of economic recovery and the stock continued to decrease, SHFE Zinc was relatively defensive and went up today. The consumption has recovered. The spot sales is still weak, as it may be desirable that the supply and demand will booming in the following days.

"The sales is moderate today, but there are more and more enterprises coming to enquire, as they intend to purchasing the goods." A Zinc trader in the spot market said to SHMET.

"We only sold about 200 tons in the morning. It is adequate. But we still think there is no doubt that the trend of Zinc will follow the copper price to be better and better.” Another trader told SHMET.