Editorial

Nickel trade to remain thin amid weak price

Date Nov 16 2018 09:44:03Source:SHMET

SHANGHAI, Nov 16 (SHMET) – Trading of nickel would be suppressed by weak demand on November 16. Nickel price in recent days fluctuated in weak pattern.

The US government sources said earlier that China had responded in writing to US demands for comprehensive trade reforms, which may indicate a potential re-start of negotiation. In addition, spokesman of MOFCOM said yesterday that the two countries had resumed communication in economic and trade fields, and the working teams were in close contact to implement the consensus reached by the two heads of China and US over the phone.

SHFE 3M nickel closed at 94,340 yuan/mt, down 10 yuan/mt or 0.01% in yesterday’s night trading session.

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Copper expects to see obvious shortage

Date Nov 16 2018 09:37:19Source:SHMET

SHANGHAI, Nov 16 (SHMET) –Chinese copper smelter Jiangxi Copper and miner Antofagasta have agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound, conflicting with current ease spot market as TC/RCs typically fall when concentrate supply declines or smelting capacity rises. The fall blurred market outlook.

SHFE 1901 copper soared up after opening at 49,560 yuan/mt on November 15’s night trading, with high-end at 49,770 yuan/mt and low-end at 49,410 yuan/mt.

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Zinc price to rise along with stronger SHFE

Date Nov 16 2018 09:31:51Source:SHMET

SHANGHAI, Nov 16 (SHMET) – Spot lead price is likely to rise along with stronger SHFE on November 16 after it slid for a third consecutive day this week. SHFE zinc rose strongly on November 15’s night trading hours.

On November 15’s night trading hours, SHFE zinc three month 1901 contract opened at 24,420 yuan/mt and closed at 21,380 yuan/mt, up 425 yuan/mt or 2.03% from a day earlier. Transactions reached 365,572 lots, and open interest stood at 217,192 lots, with a decrease of 1,558 lots.

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Aluminum prices in domestic and overseas markets to fall

Date Nov 16 2018 09:30:33Source:SHMET

SHANGHAI, Nov 16 (SHMET) – Aluminum price would continue to be weak due to high inventory, and news on output reduction need to be focused on in the near future.

Within the week, aluminum prices in domestic and overseas markets further dropped, as sanction on Rusal would be delayed. However, released plans on output reduction during heating season across the country impacted electrolytic aluminum, alumina and carbon enterprises, which provided some support to aluminum price.

SHFE 1901 aluminum contract opened at 13,765 yuan/mt in yesterday’s night trading session, and closed at 13,720 yuan/mt, down 30 yuan/mt or 0.22%. Transactions stood at 65,044 lots, and position increased by 198 lots to 267,950 lots. 

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Spot lead price to fall along with weaker SHFE

Date Nov 16 2018 09:06:08Source:SHMET

SHANGHAI, Nov 16 (SHMET) – Spot lead price is likely to fall around 100 yuan/mt along with weaker SHFE lead on November 16.

On November 15’s night trading hours, SHFE three month lead 1901 contract opened at 18,210 yuan/mt and finally closed at 18,075 yuan/mt, down 125 yuan/mt or 0.69% from a day earlier. Transactions reduced by 20,682 lots to 28,446 lots, and open interest increased by 2,066 lots to 52,556 lots.

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