SMM Evening Comments (Mar 2): Shanghai nonferrous metals fell for the most part, tin plunged 3.6%

Published: Mar 2, 2021 18:35

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SHFE nonferrous metals were mostly lower on Tuesday March 2. Copper and aluminium fell 1.14%, nickel dropped 1.17%, lead shed 0.23% and tin slumped 3.6%, while zinc rose 1.1%.

SHANGHAI, Mar 2 (SMM) – SHFE nonferrous metals were mostly lower on Tuesday March 2. Copper and aluminium fell 1.14%, nickel dropped 1.17%, lead shed 0.23% and tin slumped 3.6%, while zinc rose 1.1%.

SMM data showed that a total of 86 vessels carrying 12.92 million mt of iron ore arrived at major Chinese ports during February 21-27, SMM estimates. This was largely unchanged from the previous week, and up 3.24 million mt from the same period last year.

Copper: The most-traded SHFE 2104 copper contract fell to an one-week low of 65,730 yuan/mt before reversing some losses to end the day 1.14% lower at 66,780 yuan/mt, with open interest decreasing 6,941 lots to 121,000 lots.

The IHS Markit's Manufacturing PMI for the US declined to 58.6 (final) in February from 59.2 in January to show an ongoing expansion in the manufacturing sector's economic activity at a slightly softer pace, and the ISM manufacturing PMI came in at 60.8. Driven by these, the US dollar index, which tracks the greenback against a basket of leading currencies, returned above 91, which weighed on copper prices.

German January retail sales and Eurozone consumer price index (CPI) for February will be monitored.

Aluminium: The most-liquid SHFE 2104 aluminium contract shed 1.14% to close the day at 16,890 yuan/mt, with open interest decreasing 6,364 lots to 190,000 lots. The increase in aluminium social inventories narrowed as downstream processors gradually resume operations, in line with expectations.

Zinc: The most-active SHFE 2104 zinc contract finished the day 1.1% higher at 21,560 yuan/mt, with open interest rising 4,134 lots to 75,934 lots. Improved downstream consumption after CNY is expected to boost zinc prices.

Nickel: The most-liquid SHFE 2104 nickel contract closed the day 1.17% lower at 138,080 yuan/mt after hitting a nearly three-week low of 136,010 yuan/mt earlier in the session, with open interest losing 7,213 lots to 108,500 lots.

Lead: The most-active SHFE 2104 lead contract ended the day 0.23% lower at 15,360 yuan/mt.

Tin: The most-traded SHFE 2104 tin contract plunged 3.6% to finish the day at 177,110 yuan/mt after earlier hitting a more than one-week low at 171,270 yuan/mt, with open interest losing 1,763 lots to 15,536 lots. It is expected to move between 170,000-185,000 yuan/mt tonight.

Copper Aluminium Lead Tin Nickel Zinc

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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