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Copper-SHMET Spot Market Briefing20150826

Date Aug 26 2015 14:24:07Source:shmet
Aug.26,2015(SHMET)--

Shanghai spot copper was quoted at 39250-39400 rmbs per ton, up 200 with trading from 40c to 20b rmbs per ton. An interest rate cut in China helped calm markets and a better reading than expected of the German IFO business climate index of 108.30. There was good buying from consumers today and the cash to 3 months widened sharply to $ 33 on this. There is still the one ever dominant position holder in the 50-80% band which has been around since the end of July. Shanghai showed a good premium of $ 200 over LME indicating some tightness in that market too. SHFE copper fluctuated higher this morning, with most-traded contract fluctuating around 40-day MA. In domestic physical market, recent macro data seemed to be negative, a lot of people believed the outlook would be volatile further. Fundamental support was still little for physical market. Overall trading was modest, downstream users only purchased in small volume most of them were on the sidelines continuously. This morning, major quotations of high-level copper were at level to 20b rmbs per ton.

Edited by SHMET

Nickel Import Market Briefing 20150826

Date Aug 26 2015 14:09:26Source:shmet
Aug.26,2015(SHMET)--

Shanghai cathode nickel CIF (B/L) premiums were at 125-155 dollars per ton, while the warrant premiums were at 125-155 dollars per ton. Import of Jinchuan nickel profited about 1200 rmbs today while Russina nickel import profited about 950 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 2015070826

Date Aug 26 2015 14:09:11Source:shmet
Aug.26,2015(SHMET)--

Shanghai zinc CIF (B/L) premium was quoted in 120-135 dollars per ton; Shanghai zinc bonded warehouse warrants was quoted at a premium of 120-125 dollars, the quotations slightly up today. SHFE main contract against LME zinc was at a ratio of 8.66. LME zinc cash-3ms price were in 5 dollar contango. The imports of spot zinc profited about 750 rmbs per ton today, while the forward zinc import profited about 150 dollars. Zinc import ratio returned today but it was still on highs with major qtuotation of import premium stayed high too. This morning, we learned some sellers quoted 125-130 dollars per ton forindian zinc ingot premium, and even higher for good 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 20150826

Date Aug 26 2015 14:08:53Source:shmet
Aug.26,2015(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 7.82. LME aluminum cash price against 3m aluminum were in 25 dollars contango. Today, the physical aluminum ingot imported price hung upside down about 550 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 20150826

Date Aug 26 2015 14:08:37Source:shmet
Aug.26,2015(SHMET)--

Shanghai electrolytic copper CIF(B/L) premium was quoted at 105-110 dollars per ton. Shanghai electrolytic copper bonded warehouse warrants premium was quoted at 105-110 dollars per ton, the premium quotations rose slightly. Shanghai spot copper against LME 3m copper were at 7.82, SHFE 3m copper against LME copper were at 7.79. LME cash-3m was at 18 dollars back. Today, the physical copper import profited about 650 rmbs per ton, three month forward copper import profited about 80 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 dollars, while warrant was basically at 110 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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