SMM Evening Comments (Dec 7): Shanghai Nonferrous Metals Closed with Mixed Performance as Market Worries Economic Recovery

Telah Terbit: Dec 7, 2021 19:00
Shanghai nonferrous metals closed with mixed performance as the market became more worried about the current economic situation after the People’s Bank of China announced to kick off the process of reducing RRR rate soon.

SHANGHAI, Dec 7 (SMM) – Shanghai nonferrous metals closed with mixed performance as the market became more worried about the current economic situation after the People’s Bank of China announced to kick off the process of reducing RRR rate soon.

Shanghai copper rose 0.13%, aluminium lost 0.5%, lead edged up 0.3%, zinc was flat, tin gained 0.52%, and nickel dropped 0.78%.

Copper: The most-traded SHFE 2201 copper closed up 0.13% or 90 yuan/mt to 69420 yuan/mt, with open interest down 4448 lots to 144887 lots.

Copper prices were pressured by the hawkish attitude of the Fed. And the longs were boosted by the news of China central bank’s reducing RRR rate, however the SHFE copper was little affected from the positive side.

LME registered warrants of copper rose more slowly, and the inventory was still at a low level. SHFE warrants inventory also dropped by 1,800 mt to 5,583 mt. And the inventory is likely to stay low in the near term due to improving consumption by the year-end.

Aluminium: The most-traded SHFE 2201 aluminium closed down 0.5% or 95 yuan/mt to 18790 yuan/mt, with open interest down 4110 lots to 187351 lots.

On the supply side, the aluminium output stood low as there is minimal increase in supplies. On the demand side, the social inventory continued to drop according to the statistics yesterday, supporting aluminium prices.

Lead: The most-traded SHFE 2201 lead closed up 0.3% or 45 yuan/mt at 14955 yuan/mt, with open interest down 4650 lots to 43393 lots.

SHFE lead moved up as the People’s Bank of China announced that it will start the process of lowering RRR rate by December 15. And the traders also held firm to the current prices amid a weak market. Hence lead prices rallied and tested 15,000 yuan/mt.

In spot market, SMM #1 lead quotes were flat, while smelters were bullish about lead prices, re-directing the demand to trading market. The transactions of warrants were relative active.

Zinc: The most-traded SHFE 2201 zinc closed down 0.09% or 20 yuan/mt at 22860 yuan/mt, with open interest down 4573 lots to 71858 lots.

Market pessimism did not ease today on the news that the central bank of China will lower the RRR rate, hence SHFE zinc moved down further. LME zinc inventory has dropped 550 mt to 152,100 mt, supporting zinc prices. In the spot market, spot premiums in Shanghai trended up as the warehouses in Ningbo were closed for COVID control, but the downstream still purchased on rigid demand. On the supply side, the smelters in Hunan and Shaanxi will cut their output. The total output in December may fall short of expectation.

Tin: The most-traded SHFE 2201 tin closed up 0.52% or 1460 yuan/mt at 284010 yuan/mt, with open interest down 3001 lots to 42664 lots.

On the fundamentals, the supply and demand remained weak, and the spot transactions prices dropped slightly but managed not to slump. The supply in spot market today tightened.

Nickel: The most-traded SHFE 2202 nickel closed down 0.78% or 1160 yuan/mt to 146800 yuan/mt, with open interest down 12941 lots to 158105 lots.

The capital fled from the market as the China central bank’s decision to lower RRR rate has heightened market worries over the current economic situation. The fundamentals were still sluggish as ferronickel prices faced great downside pressures and spot prices of nickel sulphate fluctuated wildly. And the nickel sulphate manufacturers were also planning to reduce the output due to cost pressure. 

Pernyataan Sumber Data: Kecuali informasi yang tersedia untuk publik, semua data lainnya diproses oleh SMM berdasarkan informasi publik, komunikasi pasar, dan mengandalkan model database internal SMM. Hanya untuk referensi dan tidak menjadi rekomendasi pengambilan keputusan.

Untuk pertanyaan atau informasi lebih lanjut, silakan hubungi: lemonzhao@smm.cn
Untuk informasi lebih lanjut tentang cara mengakses laporan penelitian kami, hubungi:service.en@smm.cn
Berita Terkait
Anglo Asian Melaporkan Lonjakan Produksi Q2, Mempertahankan Panduan Setahun Penuh
5 jam yang lalu
Anglo Asian Melaporkan Lonjakan Produksi Q2, Mempertahankan Panduan Setahun Penuh
Baca Selengkapnya
Anglo Asian Melaporkan Lonjakan Produksi Q2, Mempertahankan Panduan Setahun Penuh
Anglo Asian Melaporkan Lonjakan Produksi Q2, Mempertahankan Panduan Setahun Penuh
Data yang dirilis pada Rabu oleh Anglo Asian, produsen tembaga, emas, dan perak, menunjukkan bahwa produksi tembaganya pada kuartal kedua tahun ini naik 27% QoQ menjadi 5.129 mt, meningkat tajam 87% YoY. Pada kuartal yang sama, produksi emasnya naik 3,4% QoQ menjadi 6.272 ons, naik 2,9% YoY; produksi perak sebesar 50.059 ons, naik 36% YoY. Seluruh operasi perusahaan berlokasi di Azerbaijan. Anglo Asian menyatakan tetap mempertahankan panduan produksi setahun penuh, dengan target produksi tembaga 20.000–25.000 mt, produksi emas di kisaran 28.000–33.000 ons, serta produksi perak antara 170.000–210.000 ons.
5 jam yang lalu
First Quantum Mempertimbangkan untuk Menjual Saham di Tambang Tembaga Taca Taca di Tengah Perburuan Pasokan Global
5 jam yang lalu
First Quantum Mempertimbangkan untuk Menjual Saham di Tambang Tembaga Taca Taca di Tengah Perburuan Pasokan Global
Baca Selengkapnya
First Quantum Mempertimbangkan untuk Menjual Saham di Tambang Tembaga Taca Taca di Tengah Perburuan Pasokan Global
First Quantum Mempertimbangkan untuk Menjual Saham di Tambang Tembaga Taca Taca di Tengah Perburuan Pasokan Global
First Quantum Minerals sedang mempertimbangkan untuk menjual saham minoritas di proyek tambang tembaga Taca Taca di Argentina. Langkah ini diambil di tengah persaingan perusahaan pertambangan global besar dan investor strategis untuk mengamankan pasokan tembaga di masa depan.Menurut laporan media AS, perusahaan telah memulai proses penjualan potensial ini.Calon penawar termasuk Mitsubishi Corp. dan Mitsui & Co. dari Jepang, serta lainnya.
5 jam yang lalu
Oyu Tolgoi Tingkatkan Produksi Setara Tembaga Semester I 2026, Rio Tinto Turunkan Panduan Biaya di Tengah Produksi Q2 yang Beragam
5 jam yang lalu
Oyu Tolgoi Tingkatkan Produksi Setara Tembaga Semester I 2026, Rio Tinto Turunkan Panduan Biaya di Tengah Produksi Q2 yang Beragam
Baca Selengkapnya
Oyu Tolgoi Tingkatkan Produksi Setara Tembaga Semester I 2026, Rio Tinto Turunkan Panduan Biaya di Tengah Produksi Q2 yang Beragam
Oyu Tolgoi Tingkatkan Produksi Setara Tembaga Semester I 2026, Rio Tinto Turunkan Panduan Biaya di Tengah Produksi Q2 yang Beragam
Produksi tembaga setara (CuEq) H1 2026 naik 3% YoY. Rencana peningkatan produksi Oyu Tolgoi berjalan stabil, dengan output H1 naik 31% YoY. Produksi tembaga keseluruhan pada Q2 mencapai 213.000 ton, turun 7% baik QoQ maupun YoY, terutama akibat output yang lebih rendah dari tambang Kennecott dan Escondida milik Rio Tinto. Selain itu, panduan biaya unit bersih C1 tembaga untuk 2026 diturunkan menjadi 30-50¢/lb (sebelumnya 65-75¢/lb). Pada bisnis aluminium, rantai pasok berkinerja stabil, dan bauksit pulih kuat. Produksi aluminium Q2 naik 1% QoQ menjadi 840.000 ton; produksi bauksit naik 14% QoQ menjadi 15,2 juta ton.
5 jam yang lalu