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SMM Evening Comments (Mar 23): Shanghai nonferrous metals closed mixed, aluminium plunged 2.57%
Mar 23, 2021 17:21CST
Source:SMM
SHFE nonferrous metals closed mixed on Tuesday March 23. Copper added 0.33%, nickel jumped 2.12% and lead gained 1.36%, while aluminium plunged 2.57%, zinc shed 0.41% and tin edged down 0.09%.

SHANGHAI, Mar 23 (SMM) – SHFE nonferrous metals closed mixed on Tuesday March 23. Copper added 0.33%, nickel jumped 2.12% and lead gained 1.36%, while aluminium plunged 2.57%, zinc shed 0.41% and tin edged down 0.09%.  

SMM data showed that a total of 88 vessels carrying 11.76 million mt of iron ore arrived at major Chinese ports during March 14-20, SMM estimates. This was down 1.46 million mt from the previous week, and largely unchanged from the same period last year.

Copper: The most-traded SHFE 2105 copper contract finished the day 0.33% higher at 67,040 yuan/mt, with open interest adding 3,165 lots to 150,000 lots.

The United States and its allies have successively imposed sanctions against China for human rights issues, and China immediately implemented countermeasures against the EU and sought to strengthen relations with North Korea and Russia. And these boosted risk-off sentiment in market. 

The Biden administration is considering an economic development plan of up to $3 trillion, involving infrastructure and tax increases, which may invest $400 billion in green projects.

Aluminium: The most-active SHFE 2105 aluminium contract tumbled to a one-month low of 16,480 yuan/mt before regaining some ground to end the day 2.57% lower at 17,085 yuan/mt, with open interest losing 16,189 lots to 225,000 lots.

Zinc: The most-liquid SHFE 2105 zinc contract surged by more than 2.2% to a new high in 2021 of 22,465 yuan/mt after the opening bell, but later dropped rapidly by 1.59% to 21,510 yuan/mt before paring some gains to close the day at 21,860 yuan/mt, , with open interest decreasing 4,063 lots to 87,018 lots.

Nickel: The most-active SHFE 2106 nickel contract jumped 2.12% to finish the day at 124,720 yuan/mt, after earlier hitting a two-week high of 124,760 yuan/mt, with open interest rising 6,971 lots to 139,000 lots.

Lead: The most-traded SHFE 2105 lead contract gained 1.36% to end the day at 15,280 yuan/mt, with open interest adding 1,051 lots to 37,557 lots.

Tin: The most-liquid SHFE 2105 tin contract edged down 0.09% to close the day at 176,550 yuan/mt, with open interest rising 441 lots to 31,805 lots.

Copper
Aluminium
Lead
Tin
Nickel
Zinc

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