SMM Evening Comments (Mar 17): Shanghai nonferrous metals were mostly lower on Wednesday

Published: Mar 17, 2021 17:43

Save

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%.

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.

Copper Aluminium Lead Tin Nickel Zinc

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

Feb 6, 2026 23:56

"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

Feb 6, 2026 23:54

"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

Feb 6, 2026 23:47

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