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SMM Evening Comments (Nov 25): Shanghai nonferrous metals closed mixed, aluminium rose 1.65%
Nov 25,2020 18:49CST
price review forecast
Source:SMM
Shanghai base metals ended mixed on Wednesday November 25. Aluminium, the best performer, rose 1.65%, copper added 0.66% and nickel advanced 0.13%, while zinc shed 1%, lead declined 0.62% and tin fell 0.65%.

SHANGHAI, Nov 25 (SMM) – Shanghai base metals ended mixed on Wednesday November 25. Aluminium, the best performer, rose 1.65%, copper added 0.66% and nickel advanced 0.13%, while zinc shed 1%, lead declined 0.62% and tin fell 0.65%.

Copper: The most-traded SHFE 2101 copper contract rose 0.66% to close the day at 54,550 yuan/mt, with open interest declining 4,611 lots to 157,000 lots. The Conference Board Consumer Confidence Index recorded its lowest in three months in November as the Covid-19 pandemic continues to dampen economic and employment expectations. However, US house prices rose 3.1% in the third quarter, and the Trump administration started to transfer power to the Biden team, which underpinned copper prices. Data like US initial claims for jobless benefits in the week ended November 21 set for release tonight and whether the SHFE copper contract could break above 55,000 yuan/mt will be monitored.

Aluminium: The most-traded SHFE 2012 aluminium contract climbed to its highest in 2020 of 16,110 yuan/mt in the afternoon trading session before paring some gains to close the day 1.65% higher at 16,060 yuan/mt, with open interest shrinking 9,631 lots to 109,000 lots. It may rise further in the near term.

Zinc: The most-liquid SHFE 2101 zinc contract finished the day 1% lower at 20,710 yuan/mt, posting a three-day losing streak, with open interest rising 6,687 lots to 101,800 lots. It is likely to move between the five- and ten-day moving averages tonight.

Nickel: The most-traded SHFE 2102 nickel contract rose 0.13% to end the day at 119,660 yuan/mt, with open interest falling 6,142 lots to 156,527 lots.

Lead: The most-active SHFE 2101 lead contract closed the day 0.62% lower at 15,225 yuan/mt, with trading volume decreasing 57,625 lots to 48,097 lots. Downstream consumption was tepid, and both primary and secondary lead remained traded at deep discounts even as lead prices declined, which pressured SHFE lead. The contract is likely to continue to test support from the five-day moving average tonight.

Tin: The most-liquid SHFE 2101 tin contract weakened 0.65% to end the day at 145,190 yuan/mt after hitting an intraday low of 145,100 yuan/mt earlier in the session, with open interest shrinking 6,670 lots to 22,162 lots. It is expected to move between 142,000-147,300 yuan/mt tonight.

Copper
Aluminium
Zinc
Nickel
Tin
Lead

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