Editorial

Nickel import losses decline

Date Dec 07 2018 14:40:06Source:SHMET

SHANGHAI, Dec 7 (SHMET) – Optimism that the SINO-US trade conflict will be resolved has fallen. Import losses for refined nickel in spot month and back month declined. Domestic nickel price continued to fall, and imported nickel had a slightly narrowed discount.

As of 14:00 today, imported losses of spot Russian nickel stood at 1,116 yuan/mt, and 1,813 yuan/mt in forward import.

In the nickel market, premiums for nickel cathode under bill of lading in Shanghai held at $200-$280/mt cif, and those under warrants in Shanghai bonded warehouse stood at $220-$280/mt cif. Shanghai/LME 3M nickel price ratio increased to 8.25 and that for SHFE/LME 3M ratio at 8.20.

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Copper inventories in bonded warehouses would increase

Date Dec 07 2018 14:07:22Source:SHMET

SHANGHAI, Dec 7 (SHMET) – Some copper refineries stopped exporting, as import losses didn’t maximize. Inventories in Shanghai bonded warehouses increased remarkably in November, and would continue to rise this week.

Premiums for goods under bill of lading in Shanghai held at $50-$62/mt cif, and those for goods under warrants in Shanghai bonded warehouse were at $55-$68/mt cif. The SHFE/LME cash copper price ratio registered at 8.04, and SHFE/LME 3M arb was at 8.00. LME cash copper was at backwardation of $9.5/mt against LME 3M copper. Spot import losses was at around 319 yuan/mt, compared with import losses of 646 yuan/mt in forward market.

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Aluminum import losses slightly reduce

Date Dec 07 2018 13:52:04Source:SHMET

SHANGHAI, Dec 7 (SHMET) – SHFE/LME aluminum ratio held below 7, which boosted exports of domestic aluminum products. LME aluminum inventory continued to fall and the spread of LME aluminum stayed in backwardation structure.

In the aluminum market, premiums for goods under bill of lading in Shanghai held at $90-$110/mt cif, and those for goods under warrants in Shanghai bonded warehouse stood at $90-$110/mt cif. The SHFE /LME cash aluminum ratio registered at 6.93, and this created spot import losses at around 2,943 yuan/mt, and losses of 2,827 yuan/mt in forward market. LME cash aluminum was at backwardation of $1/mt against LME 3M aluminum.

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SHFE copper to move in volatility

Date Dec 07 2018 09:57:23Source:SHMET

SHANGHAI, Dec 7 (SHMET) – Various incidents have occurred frequently between China and the US, providing an opportunity for longs and shorts compete with each other in the market. Particularly, investors may adjust positions and varieties of commodities at the end of a year.

On the SHFE market, the 1902 copper contract moved in range bound in yesterday’s night trading session after opening at 48,760 yuan/mt, with high and low-end price at 48,990 yuan/mt and 48,720 yuan/mt, respectively.

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SHFE aluminum to return in weak pattern

Date Dec 07 2018 09:30:25Source:SHMET

SHANGHAI, Dec 7 (SHMET) – SHFE aluminum is expected to remain vulnerable to renewed bouts of weakness on December 7 after breaching supports-level yesterday, due to the tense macro situation and weak supply and demand.

SHFE 1901 aluminum contract opened lower at 13,580 yuan/mt in yesterday’s night trading session, and closed at 13,545 yuan/mt, down 120 yuan/mt or 0.88%. Transactions stood at 56,602 lots, and position decreased by 808 lots to 194,832 lots.

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