Copper: Three-month LME copper ended 0.18% higher at $6,792/mt on Monday, and is expected to trade between $6,760-6,830/mt today. Copper stocks across LME-listed warehouses shrank by 4,900 mt to its lowest in nearly 15 years, and this, combined with mounting tensions between Codelco and unions, underpinned copper prices.
The most-traded SHFE 2010 copper contract closed 0.46% firmer at 52,500 yuan/mt in overnight trading, and is likely to move between 52,300-52,900 yuan/mt today, with spot premiums slightly higher at 30-110 yuan/mt. High copper prices muted trades in the spot market.
Aluminium: Three-month LME aluminium firmed 0.31% to end at $1,797.5/mt on Monday, and is expected to fluctuate between $1,760-1,820/mt today.
The most-active SHFE 2010 aluminium contract closed 0.52% higher at 14,510 yuan/mt in overnight trading. Relatively low inventories and a traditional high season will limit the decline in aluminium prices in the near term. The October contract is likely to trade between 14,500-14,800 yuan/mt today, while spot premiums are seen at 60-90 yuan/mt against the September contract.
Zinc: Three-month LME zinc came off an intraday high of $2,521/mt to an intraday low of $2,479/mt, before wiping out some losses to close flat at $2,507.5/mt on Monday. LME zinc stocks remained high, dipping 175 mt or 0.08% to 219,875 mt. Dollar bounce-back weighed on nonferrous metals, and expiration of various relief packages triggered concerns on the sustainability of the economy’s recovery. LME zinc is expected to move between $2,480-2,530/mt today.
The most-traded SHFE 2010 zinc contract edged up 0.05% to end at 19,870 yuan/mt in overnight trading. Escalating tensions between the US and China dampened market confidence, but export data improved in a high season. The contract is likely to trade between 19,800-20,300 yuan/mt today, while spot premiums for domestic 0# Shuangyan are seen at 140-150 yuan/mt over the October contract.
Lead: Three-month LME lead came off an intraday high of $1,990/mt to an intraday low of $1,966.5/mt on Monday, before regaining some ground to close 0.28% lower at $1,972.5/mt.
The most-active SHFE 2010 lead contract rose 0.32% to end at 15,590 yuan/mt in overnight trading, after earlier hitting a session high of 15,660 yuan/mt.
Tin: Three-month LME tin came off an intraday high of $18,345/mt to an intraday low of $18,050/mt on Monday, before reversing some losses to settle 0.52% firmer at $18,280/mt.
Tin: The most-active SHFE 2011 tin contract rose 0.89% to settle at 147,660 yuan/mt in overnight trading, after earlier touching a session high of 147,960 yuan/mt. Pressure above will be seen from 148,700 yuan/mt today.
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