The silicon metals prices skyrocketed in September and started to fall after the National Day holiday in October. The prices of oxygen-free 553# silicon basically lost all the gains in September, and the prices of high-grade silicon was relatively firm.

Shanghai nonferrous metals closed all in the positive territory as the energy crisis has overwhelmed the globe.

Shanghai base metals rose across the board on the morning of the first trading day after the National Day long holiday. Meanwhile, their counterparts on LME all went up as well.

Shanghai base metals trended mixed on Monday morning under China’s intensifying dual control policy. Meanwhile, their counterparts on LME basically rose.

Zinc stocks across LME-listed warehouses declined 9,325 mt to 226,900 mt last week. The contango of LME cash to 3-month contract rose to $14.5/mt. The market expects that the FOMC will not propose a gradual reduction in debt purchases in September due to sluggish US data and the spread of Delta virus. At the same time, the European Central Bank's speech is relatively optimistic, and the market holds a moderate outlook. LME zinc is expected to move between $3,030-3,110/mt.

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SMM Morning Comments