Metal Futures Fall across the Board, with SHFE Nickel down by Daily Limit

Published: Sep 22, 2017 15:32

Save

Both ferrous and nonferrous metals futures fell sharply September 22.

SHANGHAI, Sept. 22 (SMM) – Both ferrous and nonferrous metals futures fell sharply September 22.

Ferrous metals futures opened low this morning and dropped all the way. SHFE hot-rolled coil and DCE coke closed down 5%. DCE coking coal and SHFE rebar dropped over 4% and DCE iron ore declined nearly 4%.

Base Metal Consumption after 3-Day Winning Streak, SMM Surveys

SHFE nonferrous metals closed lower across the board, with SHFE nickel falling by daily limit and leading price declines.

WBMS: World Copper Deficit Intensifies Sharply during Jan-Jul

SHFE aluminum and SHFE zinc were down 3%, SHFE lead fell over 2%, SHFE copper dropped over 1% and SHFE tin fell nearly 1%.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

ferrous metals nonferrous metals futures

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 mins ago

Vedanta Completes Demerger, Copper Business to Operate as Independent Listed Company

Vedanta has moved forward with its long-planned demerger, creating separate listed entities for copper, zinc, aluminum, oil and gas, and power businesses. The company said the restructuring will allow each unit to pursue independent growth and investment strategies. The move is expected to strengthen the development of India's copper industry.

3 mins ago

25 mins ago

After contract rollover, weak demand weighs on Shanghai spot copper premiums [SMM Shanghai spot copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices are expected to rise intraday and remain at a relatively high level. Coupled with the futures contract rollover, trading activity is likely to be muted, reflecting that the current price level is significantly suppressing real demand. After the rollover, the market will officially price around the 2607 contract, and close attention should be paid to the outflow of unmatched warrants. However, open interest for the SHFE copper 2606 contract currently stands at approximately 5,500 lots, indicating limited delivery participation. The concentrated release of warrants is therefore expected to exert relatively limited additional pressure on spot discounts. Supported by delivery-related dynamics, Shanghai spot copper discounts did not see a sharp decline. But if copper prices remain at current highs and demand fails to improve effectively, spot premiums may come under downward pressure.

25 mins ago

1 hour ago

Downstream restocking and cargo pick-up, market supply decreases [SMM North China Spot Copper]

Today in North China, spot #1 copper cathode prices against the front-month contract were reported at discounts of 190–130 yuan/mt, with the average discount at 160 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price stood at 104,580 yuan/mt, down 1,025 yuan/mt from the previous trading day.

1 hour ago