SMM Evening Comments (Mar 10): Shanghai nonferrous metals were mostly lower, nickel declined 2.05%

SHANGHAI, Mar 10 (SMM) – Shanghai base metals fell for the most part on Wednesday March 10. Copper slid 1.95%, aluminium edged down 0.06%, zinc weakened 1.46%, nickel plunged 2.05% and lead dropped 1.78%, while tin gained 0.63%.

Copper: The most-liquid SHFE 2105 copper contract slid 1.95% to end the day at 65,400 yuan/mt, with open interest adding 761 lots to 131,000 lots.  

Aluminium: The most-active SHFE 2104 aluminium contract edged down 0.06% to close the day at 17,185 yuan/mt, after hitting a one-week low at 16,870 yuan/mt earlier in the session, with open interest losing 732 lots to 185,000 lots.

Zinc: The most-traded SHFE 2104 zinc contract finished the day 1.46% lower at 21,210 yuan/mt, with open interest decreasing 829 lots to 70,867 lots.

Nickel: The most-liquid SHFE 2106 nickel contract dropped 2.05% to end the day at 119,770 yuan/mt, with open interest rising 15,192 lots to 101,000 lots.

Lead: The most-active SHFE 2104 lead contract fell 1.78% to close the day at 14,635 yuan/mt, with open interest rising 1,318 lots to 38,007 lots. Tepid profits deterred lead smelters from selling, while downstream consumption was moderate.

Tin: The most-traded SHFE 2105 tin contract finished the day 0.63% higher at 174,080 yuan/mt, with open interest adding 1,080 lots to 31,803 lots, and is expected to move between 168,000-180,000 yuan/mt tonight.