SHMET Spot Market Briefing 20100222-Aluminum

Date Feb 22 2010 14:14:14Source:SHMET

China’s spot aluminum is quoted between RMB 16460 and 16520 per tonne, increasing RMB 220, with trading from RMB 185 to 125 contango. The transactions were pretty subdued. LME Aluminum rallied carried by copper prices during the Chinese New Year holidays. The first open after the holidays saw Shanghai spot aluminum opening largely higher, and it’s logical for domestic prices tracking London bullish performance. The spot market business was rather thin however as the consumption was not boosted.

“Many companies in other cities are still in holidays so that the market is very thin. We just sold 100 tonnages yet and got very few enquiries.” A Shanghai-based trader told SHMET.

“Most buyers will not come back to the market until 15th Feb, hence hardly any business has been transacted.” A Wuxi-based trader said to SHMET.

The prices in Wuxi are flat Shanghai.

SHMET Spot Market Briefing 20100222-Copper

Date Feb 22 2010 14:13:24Source:SHMET

Shanghai spot copper is quoted between RMB 58700 and 58950 per tonne today, up RMB 2850 per tonne, with trading from RMB 350 to 250 contango. Due to the first day of opening after the holidays, the consumption is very weak. The LME copper took charge of a department alone and rose quickly during the Chinese New Year. Chinese copper opened high with the trend of the LME copper today so as to make up the gains after the holiday. It rose to more than RMB 60000 to the peak. Nowadays, the general condition of the global economy is healthy, and it can be considered that the copper price will rise in the future.

"The sales is not very good today, as some enterprises are still in the holidays. In fact, a small part of the traders are absent from duty." A trader said to SHMET.

"This is what we expected that Shanghai copper will following  the trend of LME copper. The copper price at the present will not be the peak." A trader said to SHMET," We have quoted Daye Copper at RMB 300 contango and sold only about 100 tonnages, and the condition is not very good." But at the same time, he is still very confident and bullish for the market this year.

SHMET Spot Market Briefing 20100212-Nickel

Date Feb 12 2010 13:13:14Source:SHMET

China’s spot nickel is quoted from RMB 145000 to 146000 per tonne today, gaining RMB 2000. Jinchuan Nickel is quoted RMB 146000 per tonne, while Import Nickel is quoted at RMB 145000 per tonne. Jinchuan Group lifted its nickel prices to RMB 145000 per tonne from previous RMB 143000 per tonne today. Today’s price is RMB 5000 higher than Wednesday. All the traders are having their holidays now and as a result no transaction is seeing.

“Today is the last day and there is no transaction seeing. After Jinchuan Group lifted its prices again, the quotes from the spot market are at 146000 yuan.” A trading source said to SHMET.

“The spot prices are up following Jinchuan Group’s prices though no trading activity happened. There will be more potential for a pull back on the LME during the Chinese New Year. The London prices are in the process of the downside now.” Another trader told SHMET.

SHMET Spot Market Briefing 20100212-Tin

Date Feb 12 2010 13:12:04Source:SHMET

China’s spot tin is quoted between RMB 133000 and 134500 per tonne, flat. Yun Tin is quoted from RMB 134000 to 134500 per tonne, while others are quoted around RMB 133000 per tonne. All the traders are having their holidays now and as a result no transaction is seeing.

“There is no trader in the market now. We recouped the fund in the AM and then will be off in the afternoon.” A tin trader said to SHMET.

Other traders are off.

SHMET Spot Market Briefing 20100212-Zinc

Date Feb 12 2010 13:11:40Source:SHMET

Shanghai’s spot 1#Zinc products are quoted from RMB 17800 to 17900 per tonne, gaining RMB 300 per tonne, with trading from RMB 350 to 250 contango. 0#Zinc products are quoted between RMB 17850 and 17950 per tonne, climbing RMB 300, and the contango was between RMB 300 and 200. Today’s SHFE Zinc extended yesterday’s gains as 0# Zinc improved 300 yuan. The metal continued to make consecutive rallies.

“It is also reasonable for the metal to make further gains today. The recent market has been into holiday mode. We will focus on dollars during the New Year break. Perhaps we will sell more cargoes after the holiday if the market maintains the momentum.” A zinc trader said to SHMET.

“Today’s spot zinc rallied from 16500/17000 to stabilize, showing this area is the bottom. Even though the prices fall again, it is impossible to break through the level. In addition, there will be an important episode for economy development after the New Year, so we have a bullish outlook.” Another trader told SHMET.