Copper: The most-traded SHFE 2009 copper contract climbed to an intraday high of 51,390 yuan/mt this morning, but trended lower in the afternoon, finishing the day 0.87% higher at 50,830 yuan/mt. Continued tensions between the US and China dampened market sentiment, posting a strong pressure on copper prices. Whether the contract could maintain its upward trend and break above 51,000 yuan/mt will come under scrutiny tonight.
Aluminium: The most-liquid SHFE 2009 aluminium contract finished the day 0.7% higher at 14,435 yuan/mt, after hitting an intraday high of 14,485 yuan/mt. Open interest increased 729 lots to 114,000 lots. The macro impact will be monitored in the short term.
Zinc: The most-active SHFE 2009 contract finished the day 1.92% higher at 19,900 yuan/mt. Open interest fell 4,012 lots to 85,160 lots. Whether the contract could remain above 20,000 yuan/mt will come under scrutiny tonight.
Nickel: The most-traded SHFE 2010 nickel contract ended 1.12% higher at 116,150 yuan/mt today. The contract is expected to move between 112,000 – 117,000 yuan/mt this week.
Lead: The most-active SHFE 2009 lead contract fell to an intraday low of 16,055 yuan/mt in morning trading and finished the day 0.03% lower at 16,165 yuan/mt. Whether the contract could remain above the 10-day moving average will be monitored tonight.
Tin: The most-traded SHFE 2010 tin contract plunged more than 800 yuan/mt to an intraday low of 141,720 yuan/mt after opening, before reversing some losses to close 0.2% higher at 142,860 yuan/mt. It is expected to move above five-day moving average of 142,500 yuan/mt. Pressure above is expected to be 10-day moving average of 143,800 yuan/mt.
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