SHANGHAI, Mar 17 (SMM) – Shanghai base metals fell for the most part on Wednesday March 17. Copper slid 0.71%, aluminium weakened 0.42%, zinc dropped 0.6% and nickel declined 0.98%, while lead edged up 0.03% and tin inched up 0.07%.
Copper: The most-liquid SHFE 2105 copper contract shed 0.71% to finish the day at 66,940 yuan/mt, with open interest losing 4,369 lots to 150,000 lots. Open interest of the April contract decreased 3,919 lots to 75,000 lots.
Investors are keeping a watchful eye on the US Federal Reserve’s policy meeting. With Fed policymakers expected to forecast the fastest U.S. economic growth in decades in the wake of Covid-19 vaccinations and $1.9 trillion in new stimulus, market participants will be focused on cues that the central bank could start raising interest rates in 2023, earlier than it had said.
Aluminium: The most-active SHFE 2105 aluminium contract ended the day 0.42% lower at 17,710 yuan/mt, with open interest adding 5,010 lots to 259,000 lots.
Zinc: The most-traded SHFE 2104 zinc contract weakened 0.6% to close the day at 21,715 yuan/mt, with open interest decreasing 3,409 lots to 61,882 lots. Domestic zinc ingot supply is expected to tighten as smelters are facing stricter environmental restrictions.
Nickel: The most-liquid SHFE 2106 nickel contract fell 0.98% to finish the day at 120,170 yuan/mt, with open interest rising 14,082 lots to 143,000 lots.
Lead: The most-active SHFE 2104 lead contract edged up 0.03% to end the day at 14,850 yuan/mt, with open interest losing 2,091 lots to 34,842 lots. Trades were quiet in the spot market as lead downstream sector has gradually entered a low season.
Tin: The most-traded SHFE 2105 tin contract inched up 0.07% to close the day at 176,040 yuan/mt, with open interest losing 470 lots to 32,970 lots, and is expected to trade between 170,000-180,000 yuan/mt tonight.