Editorial

SHMET Spot Market Briefing 20100803-Lead

Date Aug 03 2010 14:05:56Source:SHMET

Lead
China’s spot Lead is quoted from RMB 16300 to 16500 per tonne, up RMB 400 per tonne. LME Lead closed at higher level again at the highs of $2200 overnight, recording the biggest raises since July. On the domestic market, owing to the rising LME complex, spot lead price has risen by RMB 400 per tonne. Although there are some upstream consumers unwilling to sell goods every day now, the overall condition hasn’t been affected.

“ The continuous rally of LME complex especially LME Lead rose by $100 or more overnight, what led spot price has been risen by RMB 400 per tonne. The quotation on the market is about RMB 16300 per tonne. We have sold around RMB 185 tonnes in the morning.” A lead trader said to SHMET.

“ We have risen by RMB 400 per tonne at RMB 16300 per tonne. Although some upstream consumers are unwilling to sell goods, the market is still on the upward trend. The overall sales is positive. We sold goods actively and have sold about 200 tonnes of goods in the morning.” Another lead trader said to SHMET.

SHMET Spot Market Briefing 20100803-Aluminum

Date Aug 03 2010 14:05:31Source:SHMET

Aluminum
China’s spot Aluminum is quoted from RMB 15310 and 15350 per tonne, increasing RMB 50 per tonne, with trading from RMB 110 to 70 contango. As we all know, Chinese aluminum supply is sufficient at present. The fundamental is not very good. The rising aluminum price has been supported only by the positive expectation of the whole marco themes. It is estimated that the pressure of aluminum market is still large.

“ We think SHFE Aluminum is hard to go higher to RMB 16000. Downstream consumers’ look-on attitude is more abvious after aluminum price stopped its upward trend. We have enough goods and want to sell them as soon as possible. Although we have quoted lower price, downstream consumers didn’t accept it. Our selling pressure is increaseing now.” An aluminum trader said to SHMET.

“ Downstream consumers’ attitude is not very good with the rising spot aluminum price. They are hesitated to purchase goods due to the uncertainty to near-future market. We have quoted at RMB 15310 per tonne today. There are many inquiring calls but less of them purchased goods. We have sold 700 tonnes of goods in the morning. The sales is really moderate. We estimated that aluminum price wouldl be adjusted in the short-term.” Another aluminum trader said to SHMET.

SHMET Spot Market Briefing 20100803-Copper

Date Aug 03 2010 14:05:01Source:SHMET

Copper
China’s spot copper is quoted between RMB 57600 and 57850 per tonne, up RMB 100, with trading from 50 cantango to 50 backwardation. Positive economy data give a lift to copper price and decreasing inventory also push price higher. However there is still uncertain factors in the gobal economy. Copper price will get further gains following ongoing strong momentum, but pull-back will be also seen in the short term.

“ Market sentiment was total different on the stronger copper price. Some traders expected that copper would keep moving higher and offered firmly. Our offer-price was more receptible for downstream buyers because of lower price. ” A trader said to SHMET.    

“ Copper should get more support from positive macro side if it want to rise further. We hold onto a bullish sentiment for the market. The transaction was flat with yesterday. we sold about 600 tonnages at RMB 57750 per tonne. ” Another trader said to SHMET.

SHMET Spot Market Briefing 20100802-Nickel

Date Aug 02 2010 15:08:07Source:SHMET

Nickel
China’s spot nickel si quoted between RMB 162000 and 163000 per tonne, gaining RMB 2500. LME Nickel continued its rebounding performance overnight, pushing domestic nickel higher. It is hard to change the stronger momentum in the short term, and the purchasing sentiment was weaker. Jinchuan nickel is quoted between RMB 163000 and 163500 per tonne, while Russia nickel is quoted at RMB 162500 per tonne. Jinchuan Group raised its producer’s price to RMB 161000 per tonne.

“ The transaction was moderate in the AM session. Although buying enthusiasm was weaker, the market sentiment was improved because of stabilizing LME Nickel. Jinchuan nickel was quoted at RMB 163500 per tonne, while the lowest transaction price was at RMB 163000 per tonne. We sold about 10 tonnages of Jinchuan products. ” A trader said to SHMET.

“ The supply-side of Russia nickel was tight after a peak sales period. We offered price firmly. We expected nickel would keep strong performance in the following days. However LME Nickel had reached at 120 day moving average, we would like to sell cargoes if LME got furher gains. ” Another trader said to SHMET.        

SHMET Spot Market Briefing 20100802-Tin

Date Aug 02 2010 15:07:40Source:SHMET

Tin
China’s spot Tin is quoted from RMB 147500 to 150000 per tonne, flat. Yunnan Tin and Yunhen Tin are quoted at RMB 150000 per tonne. Jinhai Tin is quoted at RMB 147500 per tonne. Domestic insiders showed prudent attitude to the market with the rising LME Tin. The sales reached in stalemate and traders’ attitude are divergent. Many traders wanted to stock goods but lacking of the sentiment to replenish
them. The overall sales is weak.

“ Owing to the high LME price, though it’s less possiblity to go down obviously in the short-term, the price is difficlut to go higher continuously, which will affect the purchasing sentiment on the marekt. Downstream consumers are only willing to purchase goods at a lower price, but upstream consumers insisted on the price. We haven’t sold Yunnan Tin at RMB 146000 per tonne well. But we have sold 8 tonnes of Yuta Tin at RMB 144000 per tonne, and the sales is better relatively.”A tin trader said to SHMET.

“ We are selling lower-grade brand tin these two days and sold them at a relatively lower price. We have sold ten tonnes of Jinhai Tin and Yinsheng Tin at RMB 144400 per tonne today. The sales is active. In order to keep the iquidity of capitals, we sell goods very actively. But we didn’t worry about the near-future market and still taking pessimistic attitude.” Another tin trader said to SHMET.