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Nickel-SHMET Spot Market Briefing20150828

Date Aug 28 2015 14:46:31Source:shmet
Aug.28,2015(SHMET)--

Went up together with all other metals and managed to close just above 10000 dollars. Even though there are warrants in abundance many traders are trying to get hold of material, some for consumption but many for financing purposes. Premiums in Asia tend to be higher than in Europe due to the Shanghai premium which fell a bit to show around 120 dollars for Jan 16. Shanghai spot nickel was quoted at 76600-77600 rmbs per ton, up 1900 from yesterday. Jinchuan nickel traded at 77200-77600 rmbs per ton; Russian nickel traded at 76600-76700 rmbs per ton. Today, physical price backwardation widened again hence sellers showed strong wills to await higher prices. With price rising market sentiment improved somewhat but the traders still worried about the vulnerable market they looked cautious. Downstream remained purchasing on demand and Russian traded slightly better than Jinchuan nickel.

 

Edited by SHMET

Tin-SHMET Spot Market Briefing20150828

Date Aug 28 2015 14:46:17Source:shmet
Aug.28,2015(SHMET)--

LME tin closed 0.4% lower at 13890 dollars. It rose slightly first recovered from the low in Asia following a stronger Chinese market, but was then sold into gains after London opened as traders taking profits saw price reached 13600 dollars the low. It then started to rebound as US equity market supprised market and gave sentiment a boost.Shanghai spot tin was quoted at 101500-103500 rmbs per ton, unchanged from yesterday. Yunxi factory gate unchanged. Yunheng was at 103000 rmbs per ton, Yunxiang and Yunshan were at 102000 rmb sper ton. Nanshan and Weitai were at 101500 rmbs per ton. The spot tin stabilized today current price trends seemed mixed. Most traders were suffering losses due to the consecutive falls in price of tin hence they reduced sales but some people had to lower prices. Downstream buyers basically stayed on the sidelines. Overall trading volume was even thinner than yesterday’s.

 

Edited by SHMET

Zinc-SHMET Spot Market Briefing20150828

Date Aug 28 2015 14:46:00Source:shmet
Aug.28,2015(SHMET)--

LME zinc is the same story across the metal after a very unsettled week the metal managed to finish the day higher. With a strong rise overnight from China’s equity market help metal prices. The range seen today was 1765-1686 dollars. There was substantial increase of 76500 tonnes in cancellations, which now total 151675 tonnes, the highest since 16 April. Total LME stocks at 524875 tonnes were down 1875 tonnes. Shanghai spot zinc 0# was quoted at 14880-14940 rmbs per ton, up 150 with a back of 200-260 rmbs per ton; 1# zinc was quoted at 14820-14880 rmbs per ton, up 150 with a back of 140-200 rmbs per ton. Today, Shuangyan mainly traded at 14920 rmbs per ton. Current prices were too high to encourage trade hence buyers were rare to be seen. Meanwhile, downstream orders were sluggish overall trading was modest then with Shuang and 0# ordinary zinc traded slightly better.

Edited by SHMET

Lead-SHMET Spot Market Briefing20150828

Date Aug 28 2015 14:45:46Source:shmet
Aug.28,2015(SHMET)--

Shanghai spot lead was quoted at 13350-13470 rmbs per ton, up 50 from yesterday with trading from 30c to 90b rmbs per ton. LME lead surged gave its best day in weeks as China made the turnaround with stock market rebounded from the recent slump. lead went all the way up to 1692 dollars where it was then capped by the 10 day moving average. US stocks rallied for the 2nd day yesterday on Chinese rebound and revised reading for US 2nd quarter GDP which came in at 3.7% up from estimate of 2.3% has also lent price a helping hand. However, not all investors are convinced the rally will be sustainable and believe more stimulus is needed to boost the demand for metal with more tangible measure such as infrastructure plans. SHFE lead remained range bound pattern with strong resistance at 13350 rmbs per ton which likely come under new examination. In domestic physical market, Hengbang was quoted at 13400 rmbs per ton, Nanfang and Chengyuan were at 13420 rmbs per ton. The smelters quoted as normal. The supply of branded lead was small hence quotations from traders were high relatively with trading be restricted. Downstream were once again under fund pressure in month-end, they usually kept digesting inventory. Therefore, the trading was modest this morning.

Edited by SHMET

Aluminum-SHMET Spot Market Briefing20150828

Date Aug 28 2015 14:35:26Source:shmet
Aug.28,2015(SHMET)--

Shanghai spot aluminum was quoted at 11770-11830 rmbs per ton, up 20 from yesterday with a contango of 110-50 rmbs per ton. The quotations in Wuxi were at 11810-11820 rmbs per ton. LME aluminum managed to pick up helped by a sharp rebound in Chinese equity markets. China’s major stock indices rose yesterday following on from a strong rebounded on Wallstreet. After a volatile week so far sentiment is still very unsettled. Aluminum closed around the high of the day with a range of 1570-1534 dollars. LME stocks and cancelled warrants were both down more than 10000 tonnes at 3282625 tonnes and 1271400 tonnes respectively. SHFE aluminum slightly rose this morning. In domestic physical market, recent price of aluminum was still sluggish but dealer had strong wills to hold firm. However, the demand did not improve significantly. We learned from the traders that some downstream clients’ orders volume increased but the plenty of supply lead to a situation of lacking confidence. Major quotations of aluminum were at 11780-11820 rmbs per ton.

Edited by SHMET
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