SHANGHAI, Mar 26 (SMM) – SHFE nonferrous metals rose broadly on Friday March 26. Copper closed flat, aluminium rose 1.52%, zinc added 0.3%, nickel increased 1.93% and tin gained 1.26%, while lead edged down 0.03%.
Copper: The most-traded SHFE 2105 copper contract ended the day flat at 66,170, with open interest losing 7,524 lots to 147,000 lots.
The US Federal Reserve Chairman Powell said that the central bank will not stop unconventional monetary policy support until the US economy is “close to a complete recovery”. Vice Chairman Clarida said that it will take some time for the economy to return to the pre-pandemic level. But Powell also said that as the economy recovers, the scale of bond purchases will be reduced.
Biden said that he plans to seek re-election in 2024 and promised to invest more funds than China in innovation and infrastructure, and will not allow China to surpass the United States to become the world's most powerful country.
Aluminium: The most-active SHFE 2105 aluminium contract rose 1.52% to finish the day at 17,420 yuan/mt, with open interest adding 4,097 lots to 221,000 lots.
Zinc: The most-liquid SHFE 2105 zinc contract inched up 0.3% to close the day at 21,615 yuan/mt, with open interest losing 197 lots to 83,176 lots. Treatment charges for domestic zinc concentrate continued to fall, while zinc social inventories shrank by 11,500 mt this week, suggesting improved consumption.
Nickel: The most-active SHFE 2106 nickel contract finished the day 1.93% higher at 123,190 yuan/mt, with open interest decreasing 19,142 lots to 135,000 lots.
Lead: The most-traded SHFE 2105 lead contract edged down 0.03% to end the day at 15,025 yuan/mt, with open interest decreasing 2,395 lots to 36,569 lots.
Tin: The most-liquid SHFE 2105 tin contract advanced 1.26% to close the day at 174,660 yuan/mt, with open interest losing 11,757 lots to 22,477 lots, and is expected to move between 170,000-176,000 yuan/mt tonight.