SHMET Spot Market Briefing 20100708-Tin

Date Jul 08 2010 14:36:27Source:SHMET

China’s spot Tin is quoted from RMB 138000 to 139500 per tonne, flat. Yunnan Tin is quoted at RMB 139500 per tonne, Yunhen is quoted at RMB 139000 per tonne, and Kaiyuan Tin is quoted at RMB 138000 per tonne. Although tin price has gone back below 140 hundred reasoningly, downstream consumers are taking wait-and-see attitude toward to the market. The sales is thin.

“ The sales will affected by weak LME market. We have sold only 2 tonnes of Yunnan Tin at RMB138500 per tonne in the morning. Some tin such as Jinlong Tin have not been sold yet.” Some tin trader said to SHMET.

“ The purchasing sentiment hasn’t been supported by dropping price. The sales on the market is still very poor. We haven’t sold any goods in the morning. Downstream consumers are all unwilling to purchase goods now. Nobody wanted or showed any interest on goods. Even upstream consumers are willing to move down price, the sales is still poor.” Another tin trader said to SHMET.

SHMET Spot Market Briefing 20100708-Zinc

Date Jul 08 2010 14:35:59Source:SHMET

Shanghai 0#Zinc is quoted between RMB 15200 and 15300 per tonne, up RMB 150 per tonne, with trading from RMB 165 to 65 contango; 1#Zinc is quoted between RMB 15150 and 15250 per tonne, up RMB 150 per tonne, with trading from RMB 215 to 115 contango. Affected by the technical rebound and rising LME market, SHFE zinc is keeping consolidating at higher level today. Spot zinc has risen with SHFE price by RMB 150 per tonne. Seen from the trend at present, no matter commodity market or foreign exchange market had showed that global economics is in the downward trend now. Downstream consumers are lacking confidence and unwilling to purchase more expensive goods. The spot sales is really moderate.

“ We have mainly sold regular 0#zinc for more than 140 tonnes at RMB 15200 per tonne today. Many downstream consumers inquired price to us, but most of them only wanted to know about the overall market condition and less of them purchased goods.” Some zinc trader said to SHMET.

“ The goods on the market is plenteous, but less of traders chose to stock goods. It is offer market now. There are much goods such as Feillong, Yuguang and Shuangyan on the market, but the consumption is thin.” Another zinc trader said to SHMET.

SHMET Spot Market Briefing 20100708-Lead

Date Jul 08 2010 14:35:27Source:SHMET

China’s spot Lead is quoted from RMB 14650 to 14850 per tonne, flat. LME lead was fairly steady for continuous six days. Downstream consumers purchased goods according to requirement on the domestic spot market today, as traders are willing to sell goods. Although spot sales is weaker than yesterday, the overall condition is nice.

“ We have raised price by RMB 50 per tonne yesterday, but the sales is better, and we had sold more than 180 tonnes of goods. We have quoted price with flat at RMB 14700 per tonne today. Owing to the low season at present, the consumption is always very thin, so we will sell goods as much as possible.” Some spot lead trader said to SHMET in earlier AM session.

“ We have sold goods which is flat with Yunnan Lead from our own factory at RMB 14650 per tonne today. The purchasing sentiment of downstream consumers is good. Many buyers who waited and saw before have joined in the purchasing groups. We have sold about 160 tonnes of goods at RMB 14650 to 14700 per tonne.” Another lead trader said to SHMET.

SHMET Spot Market Briefing 20100708-Aluminum

Date Jul 08 2010 14:34:44Source:SHMET

China’s spot Aluminum is quoted from RMB 14680 and 14720 per tonne, increasing RMB 20 per tonne, with trading from RMB 40 contango to flat. The power rate has gone higher to RMB 0.5 or above, so some small aluminous enterprises has cut output in Henan these days. Because the strength is not very large, it is unable to take more effect. The situation now is that the macroscopical trend is poorer, output is continued to increase, and the consumption is thinner. Under the weak situation, SHFE Aluminum is hard to go higher. The pressure on stock as well as demand made sentiment on the market poorer in the short-term.

“ I think we had better do business with short-invest under the downward trend. The main contract month always consolidates about RMB 15000 per tonne, but it’s difficult to be stable on the situation. Aluminum price is in consolidating trend these days, which is hard to go up or go down. The purchasing sentiment is thiner. Downstream consumers are unwilling to purchase goods.” An aluminum trader said to SHMET.

“ The quotation on the market is almost the same, and most sellers quoted price at RMB 14690 per tonne. The earlier goods at RMB 14680 per tonne have been sold well, and there are many inquiring calls here. We have sold less than 400 tonnes of goods. Seen from the trend at present, the consolidating trend will be continued for some time.” Another aluminum trader said to SHMET.

SHMET Spot Market Briefing 20100708-Copper

Date Jul 08 2010 14:34:14Source:SHMET

China’s spot copper is quoted between RMB 53700 and 53850 per tonne, up RMB 500, with trading from 50 to 150 backwardation. Although there are still some uncertainties in the overall macroeconomic, the situation has been relatively better. Copper price is likely to stabilize in the short term, however it is difficult to anticipate the extent of rebound. SHFE Copper 1010 will be pressured on the level of RMB 56000 per tonne.

“ Today copper opened higher again. Traders were more willing to sell cargoes, while downstream consumers with cautious attitude still bought products on their requirement. There was no improvement in the spot market. We sold about 200 tonnages in the AM session. The backwardation of Guixi copper was at RMB 100. ”A trader said to SHMET. 

“ The market was in a mixed tone. We sold 300 tonnages at RMB 53800 per tonne. Weak USD and US stocks market were unable to provide a catalyst to copper price in long term.  Downstream buyers adopt a negative sentiment for the market. The transaction was better than yesterday’s. ” Another trader said to SHMET.