• 15/08/2022 9:42 pm

Copper: The most-traded SHFE 2009 copper contract moved steadily on Friday, finishing the day 0.75% lower at 50,100 yuan/mt. The continued stalemate of the US economic stimulus bill deepened cautious market sentiment, which pressured copper prices, while the positive US jobless claims data which suggests a steady recovery of the US job market gave investors some confidence, and supported copper prices. Whether the contract could remain above 50,000 yuan/mt will be monitored tonight.

Aluminium: The most-liquid SHFE 2009 aluminium contract surged more than 100 yuan/mt after the opening bell, and finished the day 0.31% higher at 14,405 yuan/mt after hitting an intraday high of 14,450 yuan/mt, with strong support from the 40-day moving average. Open interest lost 2,773 lots to 118,000 lots. SMM will keep a close watch on aluminium ingot inventories and delivery of the futures contracts.

Zinc: The most-active SHFE 2009 contract closed up 0.28% on the day at 19,455 yuan/mt, after hitting an intraday high of 19,525 yuan/mt. Open interest fell 3,776 lots to 79,984 lots. SMM data showed that zinc inventories in China continued to fall more than 10,000 mt this week, suggesting robust consumption. The contract is expected to continue to fluctuate at high levels tonight.

Nickel: The most-traded SHFE 2010 nickel contract ended 1.3% higher at 114,100 yuan/mt today. High stainless steel output and tightened domestic spot nickel supply due to fewer imports may support SHFE nickel above 110,000 yuan/mt. 

Lead: The most-active SHFE 2009 lead contract closed the day 0.78% higher at 16,095 yuan/mt in choppy trading. The contract is expected to fluctuate range-bound in the short term. Whether the contract could break above the five-day and 10-day moving averages will be monitored tonight.

Tin: The most-traded SHFE 2010 nickel contract ended 1.3% higher at 114,100 yuan/mt today. High stainless steel output and tightened domestic spot nickel supply due to fewer imports may support SHFE nickel above 110,000 yuan/mt.

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