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Copper-SHMET Spot Market Briefing20150831

Date Aug 31 2015 14:10:28Source:shmet
Aug.31,2015(SHMET)--

Shanghai spot copper was quoted at 39250-39350 rmbs per ton, down 250 from yesterday with trading from 70c to level. The end of month business brought some more buying on the close 2. Ring and quite a lot of borrowing was registered but the backwardation eased. On the dominant positions there was a slight relaxation in the grip by one party which might explain this. There was good interest in Rotterdam warrant again at 10-15 dollars. It looks like the market has gained a little in confidence. SHFE copper fluctuated lower this morning with a resistance locating at 60-day MA. In domestic physical market, inquiry looks steady but some people were still under big fund pressure hence they still hesitate to purchase. Overall sentiment was stable this morning’s quotations were in a narrowing contango compared with last week’s. The dealers looked active in cash-out but overall volume changed little. Major quotations of high-level copper were in 40c-level this morning.

Edited by SHMET

Nickel Import Market Briefing 20150831

Date Aug 31 2015 13:51:17Source:shmet
Aug.31,2015(SHMET)--

Shanghai cathode nickel CIF (B/L) premiums were at 135-165 dollars per ton, while the warrant premiums was at 135-165 dollars per ton. Import of Jinchuan nickel lost about 500 rmbs today while Russina nickel import lost about 650 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 150-160 dollars. Before this, for Norway nickel a lot of sellers also chose importing straightly.

Edited by SHMET

Zinc Import Market Briefing 2015070831

Date Aug 31 2015 13:50:14Source:shmet
Aug.31,2015(SHMET)--

Shanghai zinc CIF (B/L) premium was quoted in 130-145 dollars per ton; Shanghai zinc bonded warehouse warrants was quoted at a premium of 130-145 dollars, the quotations slightly up today. SHFE main contract against LME zinc was at a ratio of 8.23. LME zinc cash-3ms price were in 1 dollar contango. The imports of spot zinc profited about 100 rmbs per ton today, while the forward zinc import lost about 250 dollars. Zinc import ratio was still on highs with major quotation of import premium stayed high too. This morning, we learned some sellers quoted 125 dollars per ton for indian zinc ingot premium,130-135 dollars for European brands and 140-145 dollars for goods brands. Today’s market was obviously quiet with trading seemed less active from last week.

Edited by SHMET

Aluminum Import Market Briefing 20150831

Date Aug 31 2015 13:49:57Source:shmet
Aug.31,2015(SHMET)--

Shanghai aluminum CIF (B/L) premium was 110-140 dollars per ton; Shanghai aluminum bonded warehouse warrants premium was 110-140 dollars per ton. Premium showed evidence of stabilising. SHFE the month contract against 3m LME aluminum were at 7.42. LME aluminum cash price against 3m aluminum were in 18 dollars contango. Today, the physical aluminum ingot imported price hung upside down about 1100 rmbs, the forward aluminum imports lost about 1200 rmbs. Aluminum import ratio narrowed slightly but market continued to be quiet. The consumer factories had less wills to import aluminum as local supply 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.

Edited by SHMET

Copper Import Market Briefing 20150831

Date Aug 31 2015 13:49:37Source:shmet
Aug.31,2015(SHMET)--

Shanghai electrolytic copper CIF(B/L) premium was quoted at 110-130 dollars per ton. Shanghai electrolytic copper bonded warehouse warrants premium was quoted at 110-130 dollars per ton, the premium quotations rose slightly. Shanghai spot copper against LME 3m copper were at 7.59, SHFE 3m copper against LME copper were at 7.62. LME cash-3m was at 36 dollars back. Today, the physical copper import lost about 400 rmbs per ton, three month forward copper import lost about 550 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 110-130 dollars, while warrant was basically at 110-130 dollars. Despite of it, sell offers were not many especially the warrant quotations. Traders had strong wills to hold firm. Recently the five major banks’ one-year L/C in RMB had a discount of 5.7 including damage while 90-day L/C in dollar had a discount of 2.3 including damage. The financing clients were even more than before. Overall trading was very modest.

Edited by SHMET
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