• 19/08/2022 5:13 pm

Copper: Three-month LME copper rose for the fifth consecutive day on Friday amid upbeat economic data, settling 0.77% firmer at $6,674/mt. The LME market is closed for a summer bank holiday and will resume normal trading on Tuesday September 1.

The most-active SHFE 2010 copper contract surged to a one-week high of 52,230 yuan/mt on Friday night, before paring some gains to close 0.35% higher at 51,900 yuan/mt. It is likely to trade between 51,700-52,100 yuan/mt today, while spot premiums are seen at 20-60 yuan/mt.

 

Aluminium: Three-month LME aluminium broke above $1,800/mt to a more than half-year high of $1,806/mt on Friday, before giving up some gains to end 0.12% higher at $1,798/mt.

The most-liquid SHFE 2010 aluminium contract increased 0.48% to close at 14,620 yuan/mt on Friday night. It is expected to trade between 14,430-14,810 yuan/mt, while spot premiums are seen lower at 20-40 yuan/mt.

 

Zinc: Three-month LME zinc rose 0.78% to end at $2,516/mt on Friday, after hitting its highest in 2020 of $2,558/mt earlier in the session. Zinc stocks across LME-listed warehouses shrank 2,500 mt or 1.12% to 219,950 mt. Weak US dollar, the Federal Reserve’s policy shift and a rise in US personal spending bolstered LME zinc.

The most-traded SHFE 2010 zinc contract touched an intraday high of 20,245 yuan/mt after the opening of the overnight trading, but later moved lower along with LME zinc to close 0.3% weaker at 19,850 yuan/mt on Friday night. Zinc supply increased as most of smelters recovered from maintenance, and a rally in treatment charges for domestic zinc concentrate further boosted profits. The October contract is likely to move between 19,700-20,200 yuan/mt today, while spot premiums for domestic 0# Shuangyan are seen stable at 90-100 yuan/mt.

 

Nickel: The most-active SHFE 2011 nickel contract closed 0.64% higher at 120,190 yuan/mt on Friday night.

In terms of fundamentals, high scheduled production of #300 stainless steel in Q3 will ease oversupply of high-grade NPI. Although refined nickel consumption was weak, fewer imports of spot nickel kept domestic social inventories stable.

 

Lead: Three-month LME lead settled 0.38% lower at $1,974.5/mt on Friday.

The most-active SHFE 2010 lead contract trended lower on Friday night, ending 0.32% weaker at 15,625 yuan/mt.

 

Tin: Three-month LME tin ended flat at $17,775/mt on Friday, with stocks across LME-listed warehouses expanding 50 mt to 5,265 mt. Pressure above will be seen from $17,900/mt today.

The most-liquid SHFE 2011 tin contract rebounded from a session low of 143,180 yuan/mt to close 0.09% lower at 143,850 yuan/mt on Friday night. Support below will be seen from 143,000 yuan/mt today.

 

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