• 19/08/2022 4:33 pm

Copper: Three-month LME copper extended gains on Friday and ended 1.52% higher. It is expected to move between $6,300-6,370/mt today.

The most-active SHFE 2009 copper contract settled 0.84% higher at 50,310 yuan/mt on Friday. It is likely to trade between 49,900-50,400 yuan/mt, while spot premiums are seen at 80-100 yuan/mt.

Currency liquidity that missed expectations weakened support for copper prices, while hidden troubles on feedstock supply from Peru and Congo underpinned copper prices.

Aluminium: Three-month LME aluminium settled 1.28% lower at $1,741/mt on Friday. Open interest increased 7,854 lots to 809,000 lots as shorts added positions. The effect of US dollar index on LME aluminium will be monitored.

The most-liquid SHFE 2009 aluminium contract trended lower on Friday night, and closed 0.38% weaker at 14,310 yuan/mt. It is expected to trade between 14,250-14,650 yuan/mt today, while spot premiums are higher at 50-70 yuan/mt.

Zinc: Three-month LME zinc ended 0.21% higher at $2,370/mt on Friday, after hitting a session high of $2,389.5/mt earlier in the session. Zinc stocks across LME warehouses rose 125 mt or 0.06% to 213,950 mt. Weak dollar drove nonferrous metals up, while continued widespread of Covid-19, second-quarter employment in the eurozone recording new lows and US July retail sales missing expectations prompted longs to leave the markets. LME zinc is expected to trade between $2,350-2,400/mt toady.

The most-traded SHFE 2009 zinc contract trended lower on Friday night, closing 0.13% weaker at 19,325 yuan/mt. Global widespread of coronavirus, trade tensions among nations and weak oil prices weighed on SHFE zinc, but firm fundamentals gave support. The September contract is likely to move between 19,000-19,500 yuan/mt today, while spot premiums for domestic 0# Shuangyan are seen higher at 130-150 yuan/mt.

Nickel: The most-active SHFE 2010 nickel contract touched a session high of 115,060 yuan/mt as investors added long positions after the opening, but erased some gains to close 0.82% higher at 114,090 yuan/mt on Friday night. Pressure above may be seen at 115,000 yuan/mt today.

Lead: Three-month LME lead bounced back from a session low of $1,937.5/mt to a session high of $1,962/mt, before giving up gains and finishing the day 0.08% lower at $1,950/mt.

The most-active SHFE 2009 lead contract jumped to a session high of 16,225 yuan/mt after the opening of the overnight, but relinquished some gains to close flat at 16,100 yuan/mt.

Tin: Three-month LME tin settled 1% firmer at $17,645/mt on Friday. LME tin stocks added 105 mt to 4,275 mt. Pressure above is seen at around the 20-day moving average of $17,750/mt today.

The most-liquid SHFE 2010 tin contract ended 0.08% lower at 142,070 yuan/mt on Friday night. Support below is seen at 141,100 yuan/mt today.

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