Copper: The most-traded SHFE 2010 copper contract rose to an intraday high of 52,030 yuan/mt in the afternoon session, and closed 0.91% higher at 51,990 yuan/mt today. Fed Chairman Jerome Powell announced a major policy shift Thursday to “average inflation targeting.” That means the central bank will be more inclined to allow inflation to run higher than the standard 2% target before hiking interest rates. Eased macro optimism supported copper prices. The contract will test support from 52,000 yuan/mt tonight.
Aluminium: The most-liquid SHFE 2010 aluminium contract surged to an intraday high of 14,645 yuan/mt and ended 0.07% lower at 14,605 yuan/mt today. Open interest increased 7,841 lots to 121,000 lots as investors added their long positions. The basis and the flow of funds will come under scrutiny.
Zinc: The most-active SHFE 2010 zinc contract closed up 1.11% at 20,060 yuan/mt today. Open interest increased 7,419 lots to 113,000 lots. Zin prices rose due to improved macro sentiment, rising inflation expectation and consumption optimism. Whether the contract could remain above 20,000 yuan/mt will be monitored tonight.
Nickel: The most-traded SHFE 2011 contract finished the day 0.59% higher at 120,350 yuan/mt as the US dollar index declined and the Japanese Prime Minister plans to resign, leading to uncertainties in international relations. The contract is expected to move above 120,000 yuan/mt tonight.
Lead: The most-active SHFE 2010 contract climbed to an intraday high of 15,810 yuan/mt in the afternoon session, ending the day 0.45% higher at 15,795 yuan/mt. Open interest shrank 2,315 lots to 26,036 lots. Improved fundamentals consumption and the cost of secondary lead supported lead prices. Whether the contract could move above 5-day moving average of 15,800 yuan/mt will be monitored tonight.
Tin: The most-liquid SHFE 2011 tin contract rose to an intraday high of 144,650 yuan/mt as as investors added their long positions, and finished the day 1.18% higher at 144,450 yuan/mt today. Pressure above is expected to around 145,500 yuan/mt.
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