Zinc: Three-month LME zinc ended 0.73% firmer at $2,888/mt on Monday, with open interest rising 1,179 lots to 238,000 lots. Zinc stocks across LME-listed warehouses plunged by 3,350 mt or 1.21% to 273,175 mt. Some equity investors grew concerned about rapidly rising Treasury yields in recent weeks as they could diminish the relative appeal of stocks. LME zinc is likely to move between $2,870-2,920/mt today.
The most-active SHFE 2104 zinc contract weakened 0.82% to settle at 21,785 yuan/mt in overnight trading, with open interest adding 2,441 lots to 66,795 lots. It is likely to move between 21,600-22,100 yuan/mt today, while spot premiums for domestic 0# Shuangyan will be seen at 90 yuan/mt against the March contract.
Nickel: Three-month LME nickel slid 0.66% to close at $19,520/mt on Monday, while the most-traded SHFE 2104 nickel contract ended 1% lower at 144,690 yuan/mt in overnight trading, with open interest losing 12,000 lots to 189,000 lots.
Lead: Three-month LME lead firmed 0.79% to settle at $2,168/mt on Monday, posting a four-day winning streak.
The most-liquid SHFE 2104 lead contract climbed 0.38% to close at 15,850 yuan/mt in overnight trading, after earlier hitting a high of 16,120 yuan/mt. Market participants were mostly concerned about lead consumption in March, posting pressure on SHFE lead, but post-holiday high risk appetite and a strong LME lead will keep SHFE lead at high levels in the short term.
Tin: Three-month LME tin surged 3.11% to end at $26,885/mt on Monday. “The dollar continues to wax and wane with U.S. data that have painted a mixed picture of the world’s biggest economy,” Joe Manimbo, senior market analyst at Western Union Business Solutions, said in a note on Monday. Concerns on tin supply and a weaker US dollar supported LME tin.
The most-liquid SHFE 2104 tin contract rose 1.38% to settle at 191,730 yuan/mt in overnight trading, with open interset losing 3,034 lots to 38,279 lots. It is expected to trade between 180,000-200,000 yuan/mt today.
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