SMM Evening Comments (Feb 23): Shanghai nonferrous metals closed mostly higher, nickel fell 0.81%

Published: Feb 23, 2021 19:00

Save

SHFE nonferrous metals rose for the most part on Tuesday February 23 with economic recovery prospects in focus.

SHANGHAI, Feb 23 (SMM) – SHFE nonferrous metals rose for the most part on Tuesday February 23 with economic recovery prospects in focus.

Copper, the best performer, rose 2.83%, zinc advanced 0.05%, lead went up 0.57% and tin gained 0.81%, while aluminium remained unchanged and nickel dropped 0.81%.

The ferrous complex closed mixed. Iron ore decreased 2.94%, rebar slipped 0.7%, while hot-rolled coil rose 0.06%.

Copper: The most-traded SHFE 2104 copper contract finished the day 2.83% higher at 67,950 yuan/mt. Open interest rose 2,195 lots to 153,964 lots. Since the opening of the market after the CNY, SHFE copper has risen by more than 5,500 yuan/mt in only three trading days, and it has risen by more than 10,000 yuan/mt from the low of 56,870 yuan/mt on February 3. Under the continuous unilateral rise in the market, operating rates of copper processing enterprises were far lower than expectations, with few new orders.

Aluminium: The most-liquid SHFE 2104 aluminium contract remained unchanged at 16,690 yuan/mt. Open interest fell 3,431 lots to 209,615 lots. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, expanded 121,000 mt from last Thursday February 18 to 1.02 million mt mt as of February 22, and stocks in Wuxi, Nanhai and Gongyi mainly contributed to the increase.

Zinc: The most-active SHFE 2104 zinc contract climbed to an intraday high of 21,955 yuan/mt and closed up 0.05% at 21,850 yuan/mt. Open interest fell 11,753 lots to 42,826 lots. The contract is expected to continue to fluctuate at high under support.

Nickel: The most-traded SHFE 2104 nickel contract ended the day 0.81% lower at 144,970 yuan/mt today. Open interest fell 25,581 lots to 175,610 lots.

Lead: The most-traded SHFE 2104 lead contract slid to a session low of 15,625 yuan/mt and ended the day 0.57% higher at 15,880 yuan/mt. Open interest rose 8,292 lots to 35,485 lots. Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 1,100 mt from last Thursday February 18 to 44,500 mt as of Monday February 22, an SMM survey showed.

Tin: The most-liquid SHFE 2104 tin contract fell to a session low of 187,060 yuan/mt and finished the day 0.81% higher at 190,660 yuan/mt today. Open interest fell 4,098 lots to 37,215 lots.

Evening comments Copper Aluminium Zinc Nickel Lead Tin

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

11 hours ago

"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

11 hours ago

"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.

11 hours ago

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."

11 hours ago