Copper: Three-month LME copper surged to an intraday high of $6,653/mt before plunging by about $110/mt to an intraday low of $6,541.5/mt, and ended 0.35% higher at $6,623/mt on Thursday. It is expected to trade between $6,610-6,670/mt today.
The most-active SHFE 2010 copper contract jumped to an session high of 51,990 yuan/mt after the opening of the overnight trading, before tumbling by about 820 yuan/mt to an intraday low of 51,170 yuan/mt, and settled 0.49% higher at 51,770 yuan/mt. It is likely to fluctuate between 51,500-52,000 yuan/mt today, while spot discounts are seen at 30-20 yuan/mt.
Federal Reserve Chairman Jerome Powell said Thursday, as widely expected, that the US central bank would roll out an aggressive new strategy to lift US employment and inflation, and this bolstered copper prices.
Aluminium: Three-month LME aluminium fluctuated widely on Thursday, ending 0.11% higher at $1,779/mt. It is likely to move between $1,760-1,785/mt today.
The most-liquid SHFE 2010 aluminium contract settled 0.34% lower at 14,545 yuan/mt in overnight trading. It is expected to trade between 14,450-14,700 yuan/mt today, while spot premiums are seen at 30-50 yuan/mt.
Zinc: Three-month LME zinc rose 0.97% to close at $2,496.5/mt in choppy trading on Thursday. Zinc stocks across LME warehouses fell 1,650 mt or 0.74% to 222,450 mt. The Federal Reserve announced a major policy shift Thursday, allowing inflation and employment to run higher to continue to support the economy, which boosted zinc prices. LME zinc is expected to move between $2,460-2,510/mt today.
The most-traded SHFE 2010 zinc contract plunged to an intraday low of 19,685 yuan/mt before gaining back all losses to an intraday high of 20,000 yuan/mt, and closed 0.63% firmer at 19,965 yuan/mt in overnight trading. The October contract is likely to trade between 19,600-20,100 yuan/mt today, while spot premiums for domestic 0# Shuangyan are seen at lower at 90-100 yuan/mt against the September contract.
Nickel: The most-active SHFE 2011 nickel contract fell 0.44% to end at 119,120 yuan/mt in overnight trading. Open interest declined 5,239 lots to 141,000 lots. Pressure at the 120,000 yuan/mt mark will come under scrutiny today.
Lead: Three-month LME lead came off an intraday high of $1,990/mt to an intraday low of $1,961.5/mt before wiping out some losses to settle just 0.1% higher at $1,982/mt on Thursday.
The most-active SHFE 2010 lead contract ended 0.76% weaker to 15,605 yuan/mt in overnight trading. The effect of downstream demand on lead prices will come under scrutiny.
Tin: Three-month LME tin ended 1.2% higher at $17,775/mt on Thursday. LME tin stocks edged up 10 mt to 5,215 mt. Pressure above will be seen at $17,850/mt today.
The most-liquid SHFE 2011 tin contract closed 0.53% higher at 143,520 yuan/mt in overnight trading. Pressure above will be seen at around the 20-day moving average of 143,800 yuan/mt today.
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