SHANGHAI, May 12 (SMM) – Shanghai base metals rose broadly on Wednesday May 12. Copper gained 1.62%, aluminium added 0.25%, zinc advanced 0.2%, nickel increased 1.42% and tin strengthened 1.5%, while lead edged down 0.06%.
Copper: The most-traded SHFE 2106 copper contract finished the day 1.62% higher at 77,090 yuan/mt, with open interest losing 623 lots to 139,000 lots.
The number of job vacancies in the United States surged in March, setting a record high of 8.12 million. The median single-family housing price in the first quarter soared. These showed that the economy is recovering rapidly. Market participants generally believe that the disappointing employment report in April is only a short-term phenomenon. Many Federal Reserve officials including Director Brainard believed that the US economy is on the course to recovery, but still faces risks, and it is still too early to discuss reductions in easing.
Aluminium: The most-active SHFE 2106 aluminium contract gained 0.25% to close the day at 19,985 yuan/mt, with open interest decreasing 7,265 lots to 214,000 lots. As domestic aluminium prices were high, the import arbitrage window opened intermittently. Inflow of imported cargoes may slow down the decline in inventories.
Zinc: The most-liquid SHFE 2106 zinc contract added 0.2% to end the day at 22,520 yuan/mt, with open interest adding 141 lots to 79,166 lots.
Nickel: The most-traded SHFE 2106 nickel contract rose 1.42% to finish the day at 132,890 yuan/mt, with open interest decreasing 2,463 lots to 101,000 lots.
Lead: The most-active SHFE 2106 lead contract edged down 0.06% to close the day at 15,640 yuan/mt, with open interest rising 655 lots to 51,303 lots. Trades improved as spot lead prices fell for two consecutive days, and traders continued to deliver cargoes to social warehouses.
Tin: The most-liquid SHFE 2107 tin contract ended the day 1.5% firmer at 196,710 yuan/mt, with open interest rising 107 lots to 32,803 lots, and it is expected to fluctuate between 193,000-198,000 yuan/mt tonight.
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