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SMM Evening Comments (Mar 3): Shanghai nonferrous metals rose across the board, aluminium surged 4.16%

iconMar 3, 2021 17:31
Source:SMM
Shanghai base metals all closed higher on Wednesday March 3. Copper rose 1.68%, aluminium soared 4.16%, zinc gained 1.85%, nickel inched up 0.17%, lead firmed 0.36% and tin increased 0.97%.

SHANGHAI, Mar 3 (SMM) – Shanghai base metals all closed higher on Wednesday March 3. Copper rose 1.68%, aluminium soared 4.16%, zinc gained 1.85%, nickel inched up 0.17%, lead firmed 0.36% and tin increased 0.97%.

Copper: The most-active SHFE 2104 copper contract rose 1.68% to end the day at 67,810 yuan/mt, with open interest decreasing 2,072 lots to 119,000 lots. Open interests of the May and June contracts both added 2,000 lots.

The US dollar index fell to 90.7 after a Fed official said that the central bank will continue to purchase bonds to support the US economy, which supported copper prices. However, oil prices fell to its lowest in two weeks amid expectations of output rise among OPEC+ members, which pressured copper prices.  

Investors are now keeping a close watch on the US $1.9 trillion stimulus package

The US ADP employment and ISM non-manufacturing PMI for February set for release tonight will be monitored.

Aluminium: The most-liquid SHFE 2104 aluminium contract surged 4.16% to close the day at 17,640 yuan/mt.

Zinc: The most-traded SHFE 2104 zinc contract finished the day 1.85% higher at 21,705 yuan/mt, with open interest adding 3,221 lots to 79,155 lots. Treatment charges for zinc concentrate diverged in different regions, while high zinc prices deterred downstream users from purchasing.

Nickel: The most-active SHFE 2104 nickel contract inched up 0.17% to end the day at 138,230 yuan/mt.

Lead: The most-liquid SHFE 2104 lead contract added 0.36% to close the day at 15,355 yuan/mt, with open interest losing 1,372 lots to 39,800 lots. Falling average treatment charge for lead concentrate and relatively high production costs of secondary were supportive to SHFE lead. The contract may test support from the 15,200 mark tonight.

Tin: The most active SHFE 2104 tin contract gained 0.97% to finish the day at 178,030 yuan/mt, with open interest losing 1,573 lots to 13,963 lots, and is expected to move between 170,000-184,000 yuan/mt tonight.

Copper
Aluminium
Lead
Tin
Zinc
Nickel

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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