• 08/08/2022 9:44 pm

SHANGHAI, Aug 13 (SMM) — Nonferrous metals on the SHFE were mixed as of 10:15 Beijing time on Thursday as investors await US initial and continuing claims for unemployment benefits which are set to release today. Their counterparts on the LME were mixed as well and changes were less than 1%.

Shanghai base metals were mostly higher in overnight trading. Copper increased 1.36%, aluminium added 0.21%, zinc advanced 0.31% and nickel strengthened 0.67%, while lead fell 1.05% and tin shed 1.03%.

Nonferrous metals on the LME, except for copper, moved lower on Wednesday. Aluminium edged 0.06% lower, zinc fell 1.1%, lead shed 0.18%, nickel fell 0.63% and tin declined 1.02%, while copper strengthened 0.47%.

Copper: Three-month LME copper closed 0.47% firmer at $6,435/mt on Wednesday, and is likely to move between $6,400-6,460/mt today.  The most-active SHFE 2009 copper contract ended 1.36% higher at 50,740 yuan/mt in overnight trading, after hitting an intraday high of 50,920 yuan/mt earlier in the session. The dollar fell from a one-week high on Wednesday, and US oil jumped more than 2% after larger-than-expected US inventory drop, which bolstered copper prices. The September contract is expected to trade between 50,300-50,800 yuan/mt today, while spot premiums are seen stable at 60-120 yuan/mt.

Aluminium: Three-month LME aluminium settled 0.06% weaker at $1,785/mt on Wednesday. Open interest added 5,151 lots to 804,000 lots.The most-liquid SHFE 2009 aluminium contract extended earlier gains to close 0.21% higher at 14,275 yuan/mt in overnight trading. It is expected to move between 14,150-14,450 yuan/mt today, while spot premiums are seen slightly lower at 40-60 yuan/mt. 

Zinc: Three-month LME zinc fell to an intraday low of $2,361/mt before recouping some losses to finish the day 1.1% lower at $2,392.5/mt on Wednesday. Zinc stocks across LME warehouse surged 15,075 mt or 7.63% to 212,750 mt. US stimulus impasse and sluggish European industrial production numbers may weigh on zinc prices. LME zinc is expected to trade between $2,370-2,420/mt today.

The most-traded SHFE 2009 zinc contract settled 0.31% firmer at 19,435 yuan/mt in overnight trading. Slightly-improved overseas demand and robust domestic demand depleted zinc stocks, and optimism over downstream consumption underpinned zinc prices. The September contract is likely to trade between 19,200-19,700 yuan/mt today, while spot premiums for domestic 0# Shuangyan are seen stable at 80-90 yuan/mt.  

Nickel: The most-active SHFE 2010 nickel contract ended 0.67% higher at 112,780 yuan/mt in overnight trading as precious metals rebounded. Whether SHFE nickel could touch the 114,000 yuan/mt mark today will come under scrutiny.  

Lead: Three-month LME lead dipped 0.18% to close at $1,949/mt in choppy trading on Wednesday.  

The most-liquid SHFE 2009 lead contract bounced back from a session low of 15,880 yuan/mt to end 1.05% lower at 15,960 yuan/mt in overnight trading.

Tin: Three-month LME tin weakened 1.02% to settle at an intraday low of $17,520/mt on Wednesday. LME zinc stocks added 65 mt to 4,160 mt. Support below is seen at around $17,400/mt today.

The most-liquid SHFE 2010 tin contract trended lower in overnight trading, falling 1.03% to close at 141,620 yuan/mt.

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