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SMM Evening Comments (Nov 13): Nonferrous metals on the SHFE rose for the most part, aluminium increased 1.77%
Nov 13, 2020 18:23CST
Source:SMM
SHFE nonferrous metals increased broadly on Friday November 13. Copper added 0.83%, aluminium rose 1.77%, zinc advanced 0.15%, lead climbed 1.44% and tin firmed 0.4%, while nickel underperformed with a 0.13% loss.  

SHANGHAI, Nov 13 (SMM) – SHFE nonferrous metals increased broadly on Friday November 13. Copper added 0.83%, aluminium rose 1.77%, zinc advanced 0.15%, lead climbed 1.44% and tin firmed 0.4%, while nickel underperformed with a 0.13% loss.  

Copper: The most-traded SHFE 2012 copper contract rose 0.83% to close the day at 52,180 yuan/mt, with trading volume rising 9,000 lots to 89,000 lots. The most-active contract will switch to the 2101 contract next week.

US first-time claims for unemployment insurance extended declines last week, hitting another pandemic-era low of 709,000. The US dollar index, which tracks the greenback against a basket of leading currencies, dipped below 93, and the second wave of Covid-19 showed signs of easing in some European countries. These underpinned copper prices. SMM will keep an eye on the US producer price index (PPI) for October tonight.  

Aluminium: The most-traded SHFE 2012 aluminium contract climbed to an intraday high of 15,565 yuan/mt after the bell, and ended the day 1.77% higher at 15,530 yuan/mt, with trading volume increasing 19,802 lots to 140,000 lots.

Zinc: The most-liquid SHFE 2012 zinc contract inched up 0.15% to finish the day at 20,020 yuan/mt, with open interest falling 2,324 lots to 82,909 lots. It expected to move range-bound tonight.

Lead: The most-traded SHFE 2012 lead contract climbed to a one-month high of 14,815 yuan/mt in the morning trading session before paring some gains to finish the day 1.44% higher at 14,785 yuan/mt, posting a three-day winning streak. However, discounts of secondary lead expanded while downstream consumption was tepid, which may likely pressure SHFE lead in the near term.

Tin: The most-active SHFE 2101 tin contract closed 0.4% higher on the day at 146,440 yuan/mt in choppy trading today, with open interest increasing 1,077 lots to 32,273 lots. It is likely to move between 145,000-148,000 yuan/mt tonight.

Market commentary
Copper
Lead
Tin
Zinc
Aluminium

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