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SMM Evening Comments (Apr 7): Shanghai nonferrous metals declined for the most part, nickel advanced 0.37%
Apr 7,2021 18:00CST
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Source:SMM
SHFE nonferrous metals broadly fell on Wednesday April 7 following overnight losses on Wall Street, where U.S. stocks fell from record levels.

SHANGHAI, Apr 7 (SMM) – SHFE nonferrous metals broadly fell on Wednesday April 7 following overnight losses on Wall Street, where U.S. stocks fell from record levels.

Tin dropped 0.55% to lead the losses, copper shed 0.49%, aluminium declined 0.46%, and lead fell 0.4%, while zinc advanced 0.34% and nickel climbed 0.37%.

A total of 91 vessels carrying 12.02 million mt of iron ore arrived at major Chinese ports during March 28-April 3, SMM estimates. This was up 730,000 mt from the previous week, but down 1.41 million mt from the same period last year.

The ferrous complex closed mixed. Hot-rolled coil decreased 0.59%, rebar slipped 0.43%, while iron ore rose 1.69%.

Copper: The most-traded SHFE 2105 copper contract finished the day 0.49% lower at 66,900 yuan/mt. Open interest fell 3,122 lots to 123,000 lots.

The International Monetary Fund (IMF) raised its global growth forecast to 6% this year, the fastest growth rate in 40 years, and predicted that China's economy will grow by 8.4%. However, the IMF warned that the recovery of developed and underdeveloped economies will be divided. US Treasury Secretary Yellen encouraged financial institutions to "adjust their investment portfolios and strategies" to meet climate targets, and sought to link tax policies with climate targets. Market sentiment was relatively stable. In terms of data, the number of job vacancies in the US rose to a two-year high in February, indicating that corporate recruitment may increase steadily in the coming months.

US trade in February will continue to be monitored tonight.

Aluminium: The most-liquid SHFE 2105 aluminium contract finished the day 0.46% lower at 17,460 yuan/mt. Open interest fell 3,297 lots to 194,130 lots.

Zinc: The most-active SHFE 2105 zinc contract closed up 0.34% at 21,865 yuan/mt. Open interest rose 4,322 lots to 76,424 lots.

Nickel: The most-traded SHFE 2106 nickel contract ended the day 0.37% higher at 126,000 yuan/mt today. Open interest rose 3,217 lots to 160,283 lots.

Lead: The most-traded SHFE 2105 lead contract slid to a session low of 14,840 yuan/mt and ended the day 0.4% lower at 14,925 yuan/mt. Open interest rose 3,961 lots to 47,130 lots. The tepid consumption situation of both supply and demand in the spot market continued, the downstream was less willing to purchase at low prices with only a small amount of stockpiling at low prices in the southeast region. The transaction situation in the national trade market was generally weak. The impact of production and shipment willingness of secondary lead on the market should still be monitored in the near term. The contract will test support from 14,900 yuan/mt tonight.

Tin: The most-liquid SHFE 2106 tin contract fell to a session low of 183,630 yuan/mt and finished the day 0.55% lower at 184,820 yuan/mt today. Open interest fell 67 lots to 34,859 lots.

Evening comments
Copper
Aluminium
Zinc
Nickel
Lead
Tin

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