Copper: The most-traded SHFE 2010 copper contract fell to an intraday low of 51,070 yuan/mt after the opening bell, and closed 0.5% lower at 51,650 yuan/mt today. The US Labor Department report on initial jobless claims as of August 29 stood at 88.1. The steady recovery of the job market gave investors confidence and boosted copper prices. The decline of the US dollar index also supported copper prices. The US nonfarm payrolls and unemployment rate for August and the US dollar index will come under scrutiny tonight.
Aluminium: The most-liquid SHFE 2010 aluminium contract closed down 0.8% at 14,270 yuan/mt today. Open interest fell 867 lots to 124,344 lots.
Zinc: The most-active SHFE 2010 zinc contract finished the day 1.8% lower at 19,860 yuan/mt. Open interest fell 4,506 lots to 97,654 lots. Prices declined as macro sentiment dampened. On the fundamental side, environment protection suppressed the social inventories, while inventories is expected to rise in the near future. The contract is expected to halt its decline tonight and the non-farm data and the macroeconomic will be monitored tonight.
Nickel: The most-traded SHFE 2011 nickel contract closed down 2.19% at 119,250 yuan/mt today. Open interest fell 18,000 lots to 148,000 lots. Whether the contract could move above 119,000 yuan/mt will be monitored tonight.
Lead: The most-traded SHFE 2010 lead contract slipped to a session low of 15,360 yuan/mt, and finished the day 1.97% weaker at 15,440 yuan/mt. Open interest increased 1,546 lots to 26,790 lots. New Revised People’s Republic of China (PRC) Law on the Prevention and Control of Solid Waste Pollution took effect on September 1, suppressing the supply of secondary lead. Whether the contract could move above 15,500 yuan/mt will be monitored tonight.
Tin: The most-liquid SHFE 2011 tin contract ended 0.9% lower at 146,070 yuan/mt today. Open interest fell 1,450 lots to 146,070 lots. Pressure below is expected to around 145,000 yuan/mt.
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