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SMM Base Metals Market Daily Review (2015-2-17)

iconFeb 25, 2015 11:00
Source:SMM
SHFE 1504 copper contract opened the night session at RMB 42,100/mt on February 16.
SHANGHAI, Feb. 25 (SMM) – 
 
Copper 
SHFE 1504 copper contract opened the night session at RMB 42,100/mt on February 16. The most active contract touched session high of RMB 42,180/mt and session low of RMB 41,980/mt before finishing up RMB 220/mt at RMB 42,130/mt. Positions fell 638 to 251,462, and trading volumes were only about 70,000 lots.  
 
On February 17, SHFE 1504 copper contract touched an intraday low of RMB 41,950/mt, but gained RMB 200/mt in the afternoon as bears exited. Finally, April copper on the SHFE ended up RMB 290/mt or 0.69% at RMB 42,200/mt. Positions of SHFE 1504 copper contract dropped 15,452 to 236,648, with trading volumes down 90,000. Positions of SHFE 1505 copper contract increased 4,196 to 250,464, making the contract the most active one.   
 
Spot copper quoted at discounts of RMB 150-200/mt to SHFE 1503 copper contract in Shanghai early on February 17. Traded prices were RMB 41,850-41,850/mt for standard-quality copper and RMB 41,900-42,000/mt for high-quality copper. Trading stalled in Shanghai market on the last working day before the Chinese New Year. Downstream buyers stayed out of the market as logistics service has been suspended.
 
Aluminum      
SHFE 1504 aluminum contract slipped to RMB 12,995/mt after starting the night session at RMB 13,050/mt on February 16. The contract finished at RMB 13,025/mt. On February 17, the most active contract followed LME aluminum up to RMB 13,095/mt as bears exited, and ended at RMB 13,060/mt. Trading volumes totaled 19,590 lots, with positions up 142 to 110,034.   
 
Spot aluminum was largely offered between RMB 12,860-12,900/mt in Shanghai on February 17, discounts of RMB 70-110/mt over SHFE 1503 aluminum contract, versus RMB 12,870-12,890/mt in Wuxi and RMB 12,880-12,900/mt in Hangzhou. Trading halted on the last day before the holiday.  
 
Lead
SHFE lead prices moved around RMB 12,500/mt and rose to as high as RMB 12,625/mt before surrendering gains to end flat at RMB 12,510/mt February 17. Trading volumes for the most active contract amounted to 1,634 lots, and positions lost 388 to 14,864.
 
No trading was reported on China’s spot lead markets for the Chinese New Year holiday.
 
Zinc
The most active SHFE 1504 zinc contract started at RMB 16,350/mt and closed down RMB 60/mt, or 0.37% at RMB 16,320/mt February 17. Trading volumes for the most active contract shrank 12,194 lots to 41,978 lots, while positions decreased 7,862 to 90,732.
 
Most traders, smelters and downstream producers closed for the Chinese New Year holiday. Trading stagnated with few quotations.
 
Tin
On China’s spot tin markets, trading stopped for the Chinese New Year holiday. 
 
Nickel   
SMM #1 refined nickel was offered between RMB 106,200-106,400/mt on February 17. Trading ground to a halt as most market players had closed for holiday. 
 
 
 
 
 
SHFE copper prices
SHFE aluminum prices
SHFE lead prices
SHFE zinc prices
Shanghai tin prices
Shanghai nickel prices

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