SMM Evening Comments (May 18): Shanghai nonferrous metals strengthened across the board, zinc soared 4.64%

Published: May 18, 2021 17:30 (GMT+8)

Save

SHFE nonferrous metals all closed higher on Tuesday May 18. Copper rose 1.9%, aluminium added 0.46%, zinc soared 4.64%, nickel surged 3.18%, lead jumped 2.58% and tin advanced 0.9%.

SHANGHAI, May 18 (SMM) – SHFE nonferrous metals all closed higher on Tuesday May 18. Copper rose 1.9%, aluminium added 0.46%, zinc soared 4.64%, nickel surged 3.18%, lead jumped 2.58% and tin advanced 0.9%.

SMM data showed that a total of 80 vessels carrying 12.18 million mt of iron ore arrived at major Chinese ports during May 9-15, SMM estimates. This was up 850,000 mt from the previous week but down 1.33 million mt from the same period last year.

Copper: The most-traded SHFE 2106 copper contract finished the day 1.9% higher at 76,100 yuan/mt, with open interest losing 2,278 lots to 119,141 lots.

Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, fuelling a further decline in bets that inflationary pressure could force the Fed to act sooner. Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, and this, together with concerns on strikes at Chile copper mines, boosted copper prices.

Key economic data including US new house starts and building permits for April and Eurozone first-quarter GDP will be released tonight.

Aluminium: The most-active SHFE 2106 aluminium contract gained 0.46% to close the day at 19,715 yuan/mt, with open interest decreasing 19,908 lots to 151,000 lots.

Zinc: The most-liquid SHFE 2106 zinc contract soared 4.64% to end the day at 23,220 yuan/mt, with open interest adding 3,989 lots to 72,128 lots.

Nickel: The most-traded SHFE 2106 nickel contract surged 3.18% to finish the day at 134,450 yuan/mt, with open interest rising 2,239 lots to 89,234 lots.

Lead: The most-active SHFE 2106 lead contract jumped 2.58% to close the day at 15,500 yuan/mt, with open interest rising 1,551 lots to 498,257 lots. Whether the contract could steady above the 15,500 mark tonight will be monitored.

Tin: The most-liquid SHFE 2107 tin contract added 0.9% to end the day at 198,690 yuan/mt, with open interest adding 1,213 lots to 34,766 lots, and it is expected to continue to test the 200,000 mark tonight.

Copper Aluminium Lead Tin Nickel Zinc

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 mins ago

Copper prices surged and spot premiums rose in tandem, but downstream purchases remained active [SMM South China spot copper]

2 mins ago

36 mins ago

Codelco extends restructuring plan to end of 2026

Codelco, Chile's state copper giant, extended preparation of its recovery and restructuring plan from October to the end of 2026. New chief executive Jorge Gomez, who took office in July, is driving the overhaul, which may involve cutting 5% to 20% of jobs across a workforce of about 77,000, some 80% of them outsourced. Chairman Maximo Pacheco said output will hold at roughly 1.3 million tonnes a year over the coming years, below the previous 1.7 million tonne target, underscoring the drag from declining ore grades at ageing mines and constrained capital.

36 mins ago

39 mins ago

【Flash | Fresh Erdenet Molybdenum Cargo Heads to Auction】

The Mongolian Stock Exchange said Erdenet Mining Corporation will auction 560 wet tonnes (499.408 dry tonnes) of molybdenum concentrate on September 24. The material contains at least 44% molybdenum, equivalent to no less than about 219.7 tonnes of contained metal. The opening price is $28,504.17 per dry tonne, about 0.7% above the opening level of the previous same-grade auction on September 10. As that sale closed 19.25% above its opening price, the new listing should not be treated as a transaction price. Delivery is scheduled for October–November on DAP Erlian terms.

39 mins ago