August 24 Shanghai copper spot market KuaiBao

The most-traded SHFE aluminum contract opened at 21,190 yuan/mt, with the highest and lowest prices at 21,505 yuan/mt and 21,115 yuan/mt respectively, and closed at 21,450 yuan/mt in the overnight trading, up 350 yuan/mt or 1.51%.

The falling prices of coal and other energy sources have dragged down the metals prices across the board. The SS 2112 contract fell to 18,375 yuan/mt this morning and stabilised to stand at 19,005 yuan/mt at noon.

The production and new orders are expected to be affected by the intensifying power rationing in October. 

Copper prices will continue to fluctuate rangebound in the short term. SHFE copper prices are expected to move between 68,500-71,000/mt this week, and LME copper will trade between $9,250-9,650/mt.

Shanghai base metals mostly cruised higher on Friday morning amid dovish comments from European Central Bank. Meanwhile, their counterparts on the LME traded mixed.

SHFE nonferrous metals closed mixed on Monday July 19 as markets digested the latest OPEC + announcement regarding oil production, and continued to brood on inflation and rising Covid-19 cases.

NDRC will continue to follow the deployment of the executive meeting of the State Council, work with relevant departments to strengthen the monitoring and forecast of commodity prices, organise subsequent release of copper, aluminium, zinc and other national reserves, and pay close attention to abnormal market price fluctuations.

SHFE nonferrous metals all went up today as China’s power curtailment expanded to many regions, and US expectation of interest rate hikes intensified.

SMM data showed that the stocks fell 4,300 mt from the prior week to 435,500 mt as of Friday July 16.

Shanghai base metals traded mixed on Thursday morning as traders reacted to hotter-than-expected US and UK inflation figures and comments from Fed Chairman Jerome Powell. Meanwhile, their counterparts on the LME fell for the most part.