SHANGHAI, Jan 22 (SMM) – SHFE nonferrous metals declined broadly on Friday January 22. Copper fell 0.61%, zinc slumped 2.51%, lead shed 0.66% and nickel weakened 1.13%, while aluminium edged up 0.1% and tin rose 1.83%.
Copper: The most-traded SHFE 2103 copper contract finished the day 0.61% lower at 58,810 yuan/mt, with open interest decreasing 4,240 lots to 124,000 lots. Open interest of the February contract lost 7,740 lots to 46,450 lots.
The European Central Bank on Thursday held interest rates steady, but said it stands ready to act in light of the new restrictions. ECB President Christine Lagarde said the pandemic “still poses serious risks” to the euro zone economy.
In the United States, the director of the White House’s National Economic Council will lobby lawmakers from both parties for Biden’s $1.9 trillion stimulus plan. At present, Republicans have little interest.
The US dollar index rose slightly to 90.25, which weighed on copper prices.
European Markit manufacturing PMI set for release tonight will be monitored.
Aluminium: The most-active SHFE 2103 aluminium contract edged up 0.1% to end the day at 14,905 yuan/mt.
Zinc: The most-traded SHFE 2103 zinc contract tended lower today, plunging 2.51% to settle at 19,995 yuan/mt after hitting a new low in 2021 at 19,950 yuan/mt earlier in the session.
Nickel: The most-active SHFE 2103 nickel contract weakened 1.13% to finish the day at 133,380 yuan/mt.
Lead: The most-liquid SHFE 2103 lead contract shed 0.66% to close the day at 15,085 yuan/mt, with open interest losing 1,881 lots to 37,515 lots. Lead downstream users have gradually completed pre-holiday restocking this week. Whether the contract could steady above 15,000 yuan/mt tonight will be watched.
Tin: The most-traded SHFE 2103 tin contract ended the day 1.83% higher at 162,830 yuan/mt, with open interest rising 1,668 lots to 40,856 lots. Concerns over tin supply supported its prices. The contract is expected to trade between 157,000-165,000 yuan/mt tonight.