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Copper-SHMET Spot Market Briefing20150827

Date Aug 27 2015 14:52:58Source:shmet
Aug.27,2015(SHMET)--

Shanghai spot copper was quoted at 38900-39050 rmbs per ton, down 350 with a contango of 60-20 rmbs per ton. It is a mixed day overnight for this market as higher levels reached on Tuesday were being eroded over time. Maybe it dawned on many traders that you do not help the an economy like China’s with an interest cut- the effects there were very different from those in mature and free market. Funds remained sellers throughout the day but industrial buying continued because these prices are being seen as cheap at least now. There was a big delivery of metal into New Orleans warehouse of 13225 tons. SHFE copper fluctuated lower this morning with the support of 39000 failing to hold. In domestic physical market, with month-end coming the trading conditions got worse. As the terminal demand did not turn better, the purchasing appetite remained low. Some people stayed on the sidelines continuously and they were awaiting new bullish factors. Major quotations of high-level copper were at 50c to 20c rmbs per ton this morning.

Edited by SHMET

Nickel Import Market Briefing 20150827

Date Aug 27 2015 14:25:31Source:shmet
Aug.27,2015(SHMET)--

Shanghai cathode nickel CIF (B/L) premiums were at 135-165 dollars per ton, while the warrant premiums were at 135-165 dollars per ton. Import of Jinchuan nickel profited about 1500 rmbs today while Russina nickel import profited about 800 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 2015070827

Date Aug 27 2015 14:25:17Source:shmet
Aug.27,2015(SHMET)--

Shanghai zinc CIF (B/L) premium was quoted in 125-140 dollars per ton; Shanghai zinc bonded warehouse warrants was quoted at a premium of 125-140 dollars, the quotations slightly up today. SHFE main contract against LME zinc was at a ratio of 8.71. LME zinc cash-3ms price were in 5 dollar contango. The imports of spot zinc profited about 800 rmbs per ton today, while the forward zinc import profited about 150 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 dollars for goods brands. The buyers showed strong purchasing wills but the volume was small in fact as the quotations were too high to encourage purchase.

Edited by SHMET

Aluminum Import Market Briefing 20150827

Date Aug 27 2015 14:24:58Source:shmet
Aug.27,2015(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 7.75. LME aluminum cash price against 3m aluminum were in 22 dollars contango. Today, the physical aluminum ingot imported price hung upside down about 650 rmbs, the forward aluminum imports lost about 800 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 20150827

Date Aug 27 2015 14:24:40Source:shmet
Aug.27,2015(SHMET)--

Shanghai electrolytic copper CIF(B/L) premium was quoted at 110-120 dollars per ton. Shanghai electrolytic copper bonded warehouse warrants premium was quoted at 110-120 dollars per ton, the premium quotations rose slightly. Shanghai spot copper against LME 3m copper were at 7.76, SHFE 3m copper against LME copper were at 7.74. LME cash-3m was at 28 dollars back. Today, the physical copper import profited about 300 rmbs per ton, three month forward copper import lost about 60 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 110-120 dollars, while warrant was basically at 110-120 dollars, even some was higher to 130 dollars. However, the supply was small on the market, traders had less wills to sell. 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.

Edited by SHMET
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