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SMM Evening Comments (Apr 22): Shanghai nonferrous metals ended mixed, tin fell 0.67%
Apr 22, 2021 18:00CST
SHFE nonferrous metals closed mixed on Thursday April 22.

SHANGHAI, Apr 22 (SMM) – SHFE nonferrous metals closed mixed on Thursday April 22.

Aluminium, the best performer, rose 0.61%, lead advanced 0.16% and copper went up 0.3%, while zinc edged down 0.63%, tin fell 0.67% and nickel weakened 0.47%.

The ferrous complex closed mixed. Rebar advanced 0.97%, hot-rolled coil rose 2.3%, while iron ore fell 0.46%.

Copper: The most-traded SHFE 2106 copper contract finished the day 0.3% higher at 69,150 yuan/mt. Open interest rose 5,414 lots to 175,681 lots. US crude oil inventories reported an increase for the first time in a month, and US crude oil fell 2%. Speculators worried that the economic recovery would be hampered by repeated pandemics, and the US dollar index rose first and then fell, once reaching a high of 91.4 and then falling back. Today, it fluctuated around the 91-point mark for weak consolidation. The fluctuation of the US dollar index at low encouraged bulls to continue looking for an upward path in the copper market.

Aluminium: The most-liquid SHFE 2106 aluminium contract finished the day 0.61% higher at 18,100 yuan/mt. Open interest rose 19,728 lots to 271,070 lots.

Zinc: The most-active SHFE 2106 zinc contract closed down 0.63% at 21,365 yuan/mt. Open interest rose 9,897 lots to 91,665 lots. The overseas pandemic rebounded, and the US passed the China-related draft and proposed to "boycott" the Beijing Winter Olympics. China-US relations were tense, and China -Australian relations were also deteriorating, suppressing zinc prices. On fundamentals, zinc ingot supply was tight in the near term, and the cost of smelters still supported zinc prices. Downstream purchased at low prices. Zinc inventories are expected to continue to decline this week. The pressure from 40-day moving average will continue to be monitored tonight. It is expected that zinc prices will stop falling and rebound.

Nickel: The most-traded SHFE 2106 nickel contract ended the day 0.47% lower at 119,780 yuan/mt today. Open interest rose 9,195 lots to 176,695 lots. Support below will be seen from 118,000 yuan/mt today. US jobless claims will be monitored tonight. Recently, the fundamentals of nickel market are weak, and the spot prices of various industrial chains are weakening. It is expected that the contract will also be adjusted sideways at short-term low positions.

Lead: The most-traded SHFE 2106 lead contract ended the day 0.16% higher at an intraday high of 15,325 yuan/mt. Open interest fell 7,669 lots to 19,930 lots. Recently, when lead prices traded strongly, the downstream purchasing was insufficient amid tepid trade market, and the environmental impact on the supply side and the tight raw materials still gave some support to lead prices. However, the driving force for the contract to continue to surge was slightly insufficient. Whether the contract could maintain its upward trend and stand firm at 15,300 yuan/mt will be monitored tonight.

Tin: The most-liquid SHFE 2106 tin contract fell to a session low of 182,530 yuan/mt and finished the day 0.67% lower at 183,240 yuan/mt today. Open interest fell 2,085 lots to 31,104 lots.

Evening comments

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