Copper: The most-traded SHFE 2010 copper contract slipped to a session low of 51,040 yuan/mt, before reversing some losses to finish the day 0.25% weaker at 51,130 yuan/mt. The People’s Bank of China (PBOC) launched a rollover and realized a net investment of 200 billion yuan to maintain a reasonable and abundant liquidity in the banking system. The easing of funds supported copper prices. the recent minutes from The Federal Reserve’s Federal Open Market Committee (FOMC) Meeting did not imply relaxing the forward-looking guidance and Quantitative Easing, and the attitude was biased towards doves but it was not up to market expectations. The US dollar index fluctuated, weighting on copper prices. Whether the contract could stay above 51,000 yuan/mt will come under scrutiny tonight.
Aluminium: The most-liquid SHFE 2009 aluminium contract ended 0.48% lower at 14,590 yuan/mt today. Open interest fell 5,978 lots to 99,467 lots. The situation of hedging and arbitrage will be monitored.
Zinc: The most-active SHFE 2009 zinc contract generated a V-shaped movement on Monday, closing up 0.25% on the day at 19,840 yuan/mt, after hitting an intraday high of 19,890 yuan/mt. Open interest increased 3,568 lots to 103,000 lots. Overseas zinc mines provoked long positions sentiment due to the suspension of production. Social stocks continued to decrease amid the peak season, supporting zinc prices. Whether the contract could move above five-day moving average will come under scrutiny tonight.
Nickel: The most-traded SHFE 2010 nickel contract finished the day 0.95% higher at 117,250 yuan/mt. Open interest fell 9,439 lots to 96,653 lots. The contract is expected to fluctuate between 114000-118000 yuan/mt.
Lead: The most-active SHFE 2010 lead contract finished the day 0.06% lower at 15,895 yuan/mt. Open interest increased 246 lots to 26,303 lots. Whether the contract could move below 15,800 yuan/mt will come under scrutiny tonight.
Tin: The most-traded 2010 tin contract closed down 0.49% lower at 141,050 yuan/mt. The fundamentals of tin ore supported tin prices. The contract is expected to move below five-day moving average of 142,000 yuan/mt.
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