SHANGHAI, Apr 6 (SMM) – The Shanghai Futures Exchange (SHFE) was closed last Friday night and Monday for the Qingming holiday, and the London Metals Exchange (LME) was also closed on April 2 and 5 for the Easter holidays.
Copper: US non-farm employment added 916,000 in March, reaching to its highest in seven months, and unemployment rate fell to 6%. Better-than-expected jobs data boosted economic outlook.
LME copper is expected to trade between $9,020-9,100/mt today, and the most-active SHFE 2105 copper between 67,400-68,000 yuan/mt, while spot discounts will be seen at 50-90 yuan/mt.
Aluminium: The most-traded SHFE 2105 aluminium contract is likely to move between 17,400-17,700 yuan/mt today.
Zinc: LME zinc is likely to fluctuate between $2,800-2,850/mt today.
Treatment charges for domestic zinc concentrate continued to fall. Rising production costs supported zinc prices. In addition, zinc social inventories shrank further as downstream users restocked on demand. Zinc prices are expected to remain strong amid positive fundamentals. The most-liquid SHFE 2105 zinc contract is expected to move between 21,400-21,900 yuan/mt today, while domestic 0# Shuangyan zinc will be traded at discounts of 10 yuan/mt against the May contract.
Lead: Lead prices are likely to continue to fluctuate rangebound in the short term amid weak fundamentals.
Tin: The most-traded SHFE 2106 tin contract is likely to trade between 170,000-185,000 yuan/mt today. Market talks that environmental inspection team will come to Yunnan in April stoked concerns on supply of tin raw materials.
