Zinc: Three-month LME zinc fell 1.31% to close at $2,791/mt on Tuesday. Zinc stocks at LME-listed warehouses fell 25 mt to 271,025 mt. Overnight, the US dollar strengthened, and the yield of US government bonds reached a new high for one year, which basically suppressed nonferrous metals. In addition, the market’s short-term concerns about inflation rose, and LME zinc fell under pressure. However, the Biden administration will announce the infrastructure plan in the following days, which is expected to boost the trend of LME zinc. The contract is likely to trade between $2,800-2,850/mt today.
The most-liquid SHFE 2105 zinc contract fell 0.98% to end at 21,665 yuan/mt in overnight trading. Yesterday, after zinc prices went up, traders expanded the discount and shipped goods, while the spot market was tepid and the wait-and-see sentiment was strong. However, zinc fundamentals are basically oriented to good trends in the near term, so it is recommended to restock at low prices. The SHFE zinc contract is expected to move between 21,500-22,000 yuan/mt today, while spot premiums for domestic 0# Shuangyan will be seen higher at 30-40 yuan/mt.
Nickel: The most-active SHFE 2106 nickel contract fell 2.39% to close at 120,400 yuan/mt on Tuesday. Open interests rose 6,627 lots to 149,000 lots.
Three-month LME nickel fell 1.79% to close at $15,905/mt on Tuesday. The trend of low-level fluctuation of nickel contracts will be monitored today.
Lead: Three-month LME lead settled 0.15% lower at $1,961/mt on Tuesday. Whether LME lead could continue the long position market and stand firm over $1,950/mt will be monitored today.
The most-active SHFE 2105 lead contract went up 0.16% to close at 15,380 yuan/mt on Tuesday night. The support from 15,300 yuan/mt will be monitored today.
Tin: Three-month LME tin closed down 0.34% at $25,240/mt on Tuesday. The US dollar index rose against major currencies on Tuesday, and climbed to a one-year high against the Japanese yen, as the US vaccination promotion and large-scale economic stimulus plan supported the expectation of a strong economic recovery from the pandemic and pushed up the yield of US government bonds. The yield of 10-year US bonds rose to a 14-month high of 1.776% in intraday trading on Tuesday, and rose to 1.727% in late trading. The US dollar continued to strengthen and the contract is expected to keep fluctuating in the near term. Pressure above will be seen from $26,000/mt today. Support below will be seen from $25,000/mt today.
The most-liquid SHFE 2105 tin contract fell 1.29% to close at 173,250 yuan/mt on Tuesday night. Domestic inventory pressure suppressed SHFE tin. It is expected that the contract will be keep fluctuating under pressure in the near term. Pressure above will be seen from 176,000 yuan/mt today. Support below will be seen from 170,000 yuan/mt today.
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