• 31/12/2021 5:33 am

SHANGHAI, Mar 31 (SMM) — Nonferrous metals on both SHFE and LME mostly cruised lower on Wednesday morning as investors waited for the release of Chinese economic data. On the economic data front, China’s official manufacturing Purchasing Managers’ Index (PMI) is expected to be out at around 9:00 a.m. HK/SIN.

 

Shanghai base metals ended mostly lower in overnight trading. Copper edged down 1.1%, zinc weakened 0.98%, tin shed 1.3%, nickel fell 2.39% and aluminium lost 1.18%, while lead added 0.16%.

The LME complex performed similarly on Tuesday. Nickel plunged 1.95% to lead the losses, copper fell 1.29%, zinc weakened 1.36%, aluminium dropped 1.7% and tin slid 0.34%, while lead rose 0.19%.

 

Copper: Three-month LME copper fell 1.45% to end at $8,750.5/mt on Tuesday, and is likely to trade between $8,860-8,950/mt today.

 

The most-active SHFE 2105 copper contract went down 0.43% to close at 65,600 yuan/mt in overnight trading, and it is expected to move between 66,100-66,600 yuan/mt today, while spot premiums will be seen at 100–60 yuan/mt.

US President Biden will announce the infrastructure plan today. The market is optimistic about the US economic prospects. Boosted by the infrastructure plan, the US bond yield hit a new high 10 years ago, and the US dollar index rose to above the 93 mark, the highest level in nearly five months. The yield of U.S. bonds rose sharply, and the U.S. dollar index continued to climb, which lifted up the upward pressure on copper prices.

 

Copper prices fell under pressure at night. In addition, LME inventories increased 10,500 mt to 142,550 mt yesterday, a three-month high. LME inventories increased for three consecutive days. The downstream consumption of copper was sluggish, which also accounted for the downward pressure on copper prices yesterday. In terms of spot, on the last trading day at the end of the month, the market continued to be tepid, and only some cargo holders had the demand for cash exchange. Last night, the market fell sharply, and the performance of the spot market will be monitored today.

 

Aluminium: Three-month LME aluminium fell 2.02% to close at $2,227.5/mt on Tuesday. It is expected to trade between $2,220-2,280/mt today.

The most-liquid SHFE 2105 aluminium contract fell 0.95% to settle at 17,180 yuan/mt on Tuesday night, and is likely to trade between 17,200-17,500 yuan/mt today.

 

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