Comments

Copper-SHMET Spot Market Briefing20150828

Date Aug 28 2015 14:35:11Source:shmet
Aug.28,2015(SHMET)--

Shanghai spot copper was quoted at 39450-39600 rmbs per ton, up 550 from yesterday with a contango of 70-10 rmbs per ton. Prices rebounded overnight when some more consumer buying was visible. The backwardation is bringing some interesting warrants to market. Premium still low but material being looked for. In Korean wa%rehouse 20 dollars was paid. US preliminary GDP figures were higher than expected showing 3.7% growth and the USD was lifted by this news. The backwardation widened to show 36 dollars as quite a few shorts needed to be covered and averaging business for next month is looming. SHFE copper fluctuated higher this morning with the most-traded contract closing the important area of 40000 rmbs. In domestic physical market, terminal consumption was sluggish and downstream purchasing volume was limited. Most trade happened between merchants. In addition, the outlook was uncertain which lead to heavier cautious sentiment on the market. This morning major quotations were in a contango of 40-20 rmbs per ton.

Edited by SHMET

Nickel Import Market Briefing 20150828

Date Aug 28 2015 14:34:45Source:shmet
Aug.28,2015(SHMET)--

Shanghai cathode nickel CIF (B/L) premiums were at 135-165 dollars per ton, while the warrant premiums was at 135-165 dollars per ton. Import of Jinchuan nickel profited about 400 rmbs today while Russina nickel import lost about 100 rmbs per ton. Cathode nickel import ratio picked up once again. Recently a lot of sellers directly import Russian nickel lead to the quotations of Russian Shanghai bonded warrant were quite relatively high, at 140-150 dollars. Norway nickel warrant in Shanghai bonded warehouse was at about 200 dollars premium, we also heard that some Japanese nickel B/L had been quoted at 150 dollars per ton today.

Edited by SHMET

Zinc Import Market Briefing 2015070828

Date Aug 28 2015 14:34:29Source:shmet
Aug.28,2015(SHMET)--

Shanghai zinc CIF (B/L) premium was quoted in 130-145 dollars per ton; Shanghai zinc bonded warehouse warrants was quoted at a premium of 130-145 dollars, the quotations slightly up today. SHFE main contract against LME zinc was at a ratio of 8.42. LME zinc cash-3ms price were in 1 dollar contango. The imports of spot zinc profited about 400 rmbs per ton today, while the forward zinc import lost about 50 dollars. Zinc import ratio was still on highs with major quotation of import premium stayed high too. This morning, we learned some sellers quoted 130 dollars per ton for indian zinc ingot premium,135 dollars for European brands and 140-145 dollars for goods brands. Recent import volume trough custom increased due to the high ratio. The warrant sales increased and the trading price continuously rose. The market activity looked quite good.

Edited by SHMET

Aluminum Import Market Briefing 20150828

Date Aug 28 2015 14:34:10Source:shmet
Aug.28,2015(SHMET)--

Shanghai aluminum CIF (B/L) premium was 110-140 dollars per ton; Shanghai aluminum bonded warehouse warrants premium was 110-140 dollars per ton. Premium showed evidence of stabilising. SHFE the month contract against 3m LME aluminum were at 7.63. LME aluminum cash price against 3m aluminum were in 18 dollars contango. Today, the physical aluminum ingot imported price hung upside down about 800 rmbs, the forward aluminum imports lost about 900 rmbs. Aluminum import ratio narrowed slightly but market continued to be quiet. The consumer factories had less wills to import aluminum as local supply was plenty. Currently, there were only a small number of traders having interest in buying aluminum cheaply as they believed the downward room of premium was not big. However, most sellers would not like to sell at lower price as current LME forward premium of aluminum was enough to cover the fund cost and warehousing cost of dealers. Moreover, it is still profitable. Therefore, the sellers were not urgent to sell and the market trading was still modest.

Edited by SHMET

Copper Import Market Briefing 20150828

Date Aug 28 2015 14:33:49Source:shmet
Aug.28,2015(SHMET)--

Shanghai electrolytic copper CIF(B/L) premium was quoted at 110-130 dollars per ton. Shanghai electrolytic copper bonded warehouse warrants premium was quoted at 110-130 dollars per ton, the premium quotations rose slightly. Shanghai spot copper against LME 3m copper were at 7.69, SHFE 3m copper against LME copper were at 7.67. LME cash-3m was at 36 dollars back. Today, the physical copper import profited about 50 rmbs per ton, three month forward copper import lost about 350 dollars. LME copper fell to 5000 dollars around, quotations of import copper premium rose and import ratio picked up slightly. Seller’s quotations were still firm. Currently the fire-processing copper B/L on the LME was quoted at 110-130 dollars, while warrant was basically at 110-130 dollars. Despite of it, sell offers were not many especially the warrant quotations. Traders had strong wills to hold firm. Recently the five major banks’ one-year L/C in RMB had a discount of 5.7 including damage while 90-day L/C in dollar had a discount of 2.3 including damage. The financing clients were even more than before. Overall trading was very modest.

Report by SHMET
Page4of1884