• 11/08/2022 8:14 pm

Copper: Three-month LME copper slumped to a session low of $6,575/mt before regaining some ground to end 1.15% weaker at $6,613/mt on Thursday. It is expected to move between $6,600-6,660/mt today.

The most-active SHFE 2009 copper contract closed 0.82% weaker at 51,800 yuan/mt in overnight trading. It is likely to trade between 51,900-52,400 yuan/mt today, while spot premiums are seen lower at 50-70 yuan/mt.

The number of Americans filing unemployment claims unexpectedly topped one million again in the week ended August 15, overshadowing the economic recovery. However, China’s one-year loan prime rate (LPR) and over-five-year LPR remained unchanged from the previous month at 3.85% and 4.65% respectively, which are in line with market expectations. Ample liquidities are expected to keep copper prices at high levels in the short term. In the spot market, high copper prices still curbed downstream demand, but spot premiums are likely to fall as more cargoes will flow into the market after deliveries of long-term contracts.

 

Aluminium: Three-month LME aluminium declined 0.5% to end at $1,783/mt on Thursday.

The most-liquid SHFE 2009 aluminium contract surged to its highest in 2020 at 14,985 yuan/mt before giving up some gains to end 0.82% higher at 14,830 yuan/mt in overnight trading. It is expected to fluctuate between 14,650-14,850 yuan/mt today, while spot premiums are seen lower at 40-60 yuan/mmt.

 

Zinc: Three-month LME zinc settled 0.54% lower at $2,480.5/mt in choppy trading on Thursday. Zinc stocks across LME warehouses fell 675 mt or 0.3% to 225,725 mt. Less dovish-than-expected minutes from last month’s US Federal Reserve policy meeting and US initial claims for jobless benefits unexpectedly surging over one million again and still high LME zinc stocks deepened concerns on sluggish demand. LME zinc is expected to move between $2,460-2,510/mt today.

The most-traded SHFE 2009 zinc contract fell 0.82% to close at 20,040 yuan/mt in overnight trading. Downbeat US jobless data suggested a slow recovery of the economy, which cooled market sentiment. In terms of fundamentals, the increase in zinc supply missed expectations, while demand from infrastructure construction remained strong. The September contract is likely to trade between 19,700-20,200 yuan/mt today, while spot premiums for domestic 0# Shuangyan are seen at 100-110 yuan/mt.

 

Nickel: The most-active SHFE 2010 nickel contract dropped from highs on downbeat US jobless data. The October contract declined 0.97% to close at 114,900 yuan/mt in overnight trading. Support from 114,000 yuan/mt will be watched today.

 

Lead: Three-month LME lead plunged to an intraday low of $1,962.5/mt before wiping out some losses and closing 0.8% lower at $1,986/mt on Thursday, generating a V-shaped movement.

The most-active SHFE 2009 lead contract ended 0.65% lower at 16,075/mt in overnight trading. It is expected to fluctuate at high levels in the short term.

 

Tin: Three-month LME tin weakened 0.31% to end at $17,570/mt on Thursday. LME tin stocks dipped 45 mt to 5,240 mt. It is expected to move between $17,450-17,600/mt today.

The most-liquid SHFE 2010 tin contract ended 0.63% weaker at 142,380 yuan/mt in overnight trading. Pressure above will be seen at around 144,000 yuan/mt today.

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