SHANGHAI, Nov 11 (SMM) – Shanghai base metals fell for the most part on Wednesday November 11. Copper slid 0.35%, zinc weakened 0.91%, nickel edged down 0.07% and tin fell 0.68%, while aluminium rose 1.57% and lead climbed 0.34%.
Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 4.4%, or 54,700 mt, in the week ended November 11 to 1.19 million mt, showed SMM data. Stocks were 93.2% higher than the same period last year. Rebar accounted for 749,200 mt of the social inventories, up 0.23% or 1,700 mt from a week ago and up 131.8% from a year ago. Meanwhile, wire rods inventories totalled 439,400 mt, down 11. 4% or 56,400 mt week on week but up 50.5% year on year.
Copper: The most-traded SHFE 2012 copper contract closed the day 0.35% lower at 51,960 yuan/mt today, with trading volume shrinking 27,000 lots to 91,000 lots. Optimism over a potential coronavirus vaccine boosted market sentiment to some extent. The US Federal Reserve called for more fiscal stimulus, but Democrats and Republicans remained at odds over the stimulus package. In terms of fundamentals, copper consumption was still weak in China. All these pressured copper prices.
Aluminium: The most-traded SHFE 2012 aluminium contract trended higher today, ending 1.57% firmer on the day at 15,180 yuan/mt. It may break above 15,500 yuan/mt in the near term.
Zinc: The most-liquid SHFE 2012 zinc contract fluctuated around the daily moving average today, ending 0.91% lower at 20,135 yuan/mt, with open interest falling 1,772 lots to 92,919 lots. It may move around the five-day moving average tonight.
Lead: The most-active SHFE 2012 lead contract finished the day 0.34% higher at 14,590 yuan/mt today, after hitting its highest in nearly one month at 14,735 yuan/mt earlier in the session. Whether the contract could break above the 40-day moving average again will be watched.
Tin: The most-liquid SHFE 2101 tin contract finished the day 0.68% weaker at 145,520 yuan/mt, and support below will be seen from 145,000 yuan/mt tonight.
