SMM Evening Comments (Jan 26): Shanghai nonferrous metals fell for the most part, zinc declined 1.5%

Published: Jan 26, 2021 19:05
SHFE nonferrous metals weakened broadly on Tuesday January 26. Copper slid 0.61%, aluminium shed 0.77%, zinc declined 1.5% and nickel pulled back 0.62%, while lead added 0.23% and tin rose 1.99%.

SHANGHAI, Jan 126 (SMM) – SHFE nonferrous metals weakened broadly on Tuesday January 26. Copper slid 0.61%, aluminium shed 0.77%, zinc declined 1.5% and nickel pulled back 0.62%, while lead added 0.23% and tin rose 1.99%.

SMM data showed that a total of 95 vessels carrying 15.38 million mt of iron ore arrived at major Chinese ports during January 17-23, SMM estimates. This was down 4.08 million mt from the prior week but up 3.3 million mt from the same period last year.

Copper: The most-traded SHFE 2103 copper contract trended lower today, losing 0.61% to close the day at 58,470 yuan/mt. Open interest of the February contract decreased sharply by 5,961 lots. 

President Biden said negotiations around his $1.9 trillion coronavirus relief plan will take a “couple of weeks,” and then Democrats will decide whether to pass it on their own.

Sixteen bipartisan senators discussed the aid plan with Biden administration officials on Sunday, and while the lawmakers agreed on the need for vaccine distribution money, many questioned the overall price tag.

Senate Majority Leader Chuck Schumer said he is open to using the budget reconciliation process that would allow Democrats to pass legislation with a majority vote.

Whether the March copper contract could steady above 58,500 yuan/mt tonight will be monitored.

Aluminium: The most-active SHFE 2103 aluminium contract finished the day 0.77% lower at 14,845 yuan/mt, with open interest rising 4,789 lots to 165,000 lots. Expectations of weakening downstream consumption are likely to pressure aluminium prices. The March contract is expected to move between 14,650-15,000 yuan/mt tonight.

Zinc: The most-liquid SHFE 2103 zinc contract ended the day 1.5% lower at 20,005 yuan/mt, with open interest adding 473 lots to 92,591 lots. Rising COVID-19 cases in China and expectations of weaker pre-holiday consumption weighed on zinc prices.

Nickel: The most-active SHFE 2103 nickel contract shed 0.62% to close the day at 134,000 yuan/mt.

Lead: The most-traded SHFE 2103 lead contract added 0.23% to finish the day at 15,430 yuan/mt, with open interest decreasing 2,403 lots to 45,623 lots. Lead consumption has weakened recently as downstream users have gradually completed pre-holiday restocking. Lead social inventories are expected to fall at a slower pace this week.

Tin: The most-active SHFE 2103 tin contract registered a new high at 173,070 yuan/mt before giving up some gains to close the day 1.99% higher at 170,490 yuan/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
Feb 6, 2026 23:56
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
Read More
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"
Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan
Feb 6, 2026 23:56
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
Feb 6, 2026 23:54
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
Read More
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.
Feb 6, 2026 23:54
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
Feb 6, 2026 23:47
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
Read More
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions
After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."
Feb 6, 2026 23:47