Editorial

Nickel trading to stay light

Date Dec 10 2018 09:25:27Source:SHMET

SHANGHAI, Dec 10 (SHMET) – Trading of nickel on December 10 is expected to be quiet due to weak consumption, despite a weakened dollar supported China’s domestic market.

Last Fridays’ data showed a lower-than-expected increase in November nonfarm payrolls in the US, which indicated a slowing growth of US economy. The Fed, thus, may stop raising interest rates earlier. The US dollar fell, and most base metals markets closed in positive position last Friday.

SHFE 3M nickel changed to SHFE 1905 nickel contract. SHFE 3M nickel closed at 89,430 yuan/mt, up 250 yuan/mt or 0.28%. It remained in weak with strong resistance above.

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Zinc price to remain rangebound

Date Dec 10 2018 09:21:28Source:SHMET

SHANGHAI, Dec 10 (SHMET) – Zinc price is likely to trade rangebound on December 10.

SHFE zinc fell sharply and gave up some of the day’s gains on December 7’s night trading hours. Domestic inventories remained low.

On December 7’s night trading hours, SHFE zinc three month 1902 contract opened higher at 21,400 yuan/mt and closed at 21,035 yuan/mt, down 60 yuan/mt or 0.28% from a day earlier. Transactions reached 297,258 lots, and open interest stood at 210,596 lots, with an increase of 2,868 lots.  

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Spot lead price to further increase

Date Dec 10 2018 09:11:19Source:SHMET

SHANGHAI, Dec 10 (SHMET) – Spot lead price is likely to increase 50 yuan/mt along with stronger SHFE lead on December 10. SHFE lead consolidated at a high level. Spot fundamentals had no improvement.

On December 7’s night trading hours, SHFE three month lead 1901 contract opened at 18,560 yuan/mt, consolidated at 18,515-18,600 yuan/mt and closed at 18,500 yuan/mt, up 65 yuan/mt or 0.35% from a day earlier. Transactions reduced by 22,598 lots to 12,916 lots, and open interest increased by 414 lots to 53,896 lots.

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SHFE aluminum to await directions

Date Dec 10 2018 09:05:58Source:SHMET

SHANGHAI, Dec 10 (SHMET) – SHFE aluminum is expected to trade in volatile and needs more directions in the short term. SHFE aluminum edged up last Friday’s night, after hitting a 2-year new low.

Most base metals markets rose as US dollar weakened last Friday, given the weaker than expected non-farm payrolls report.

SHFE 1901 aluminum contract opened at 13,660 yuan/mt in last Friday’s night trading session, and closed at 13,630 yuan/mt, with high and low-end price at 13,675 yuan/mt and 13,605 yuan/mt, respectively. It was up 70 yuan/mt or 0.52%.

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SHFE lead closes up

Date Dec 07 2018 16:57:38Source:SHMET

SHANGHAI, Dec 7 (SHMET) – Downstream battery enterprises chose to purchase lower-priced cargoes on – demand. Market trades were low.      

SHFE lead fluctuated at a low level in the morning and then rose in the afternoon. SHFE lead 1812 contract will be delivered nest week. Both 1812 and 1901 contracts declined as it is near the weekend. Lead market remained rangebound in the short term.

Mainstream offers in Shanghai spot lead market were at 18,590-18,890 yuan/mt on December 6, down 30 yuan/mt from the previous trading day, which had a discount of 300-0 yuan/mt compared with 1812 contract. Jinsha brand lead ingots were offered at a premium of 0-50 yuan/mt against 1812 contract in Shanghai. Nanfang brand lead ingots were offered at a discount of around 100 yuan/mt against 1812 contract. Secondary lead had a lower price and primary lead had an expanded discount.

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