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SMM Evening Comments (May 21): Nonferrous metals on the SHFE closed mixed, nickel plunged 3.21%
May 21, 2021 17:49CST
Source:SMM
SHFE nonferrous metals closed mixed on Friday May 21. Copper declined 1.25%, aluminium fell 1.76% and nickel tumbled 3.21%, while zinc gained 0.45%, lead added 0.77% and tin rose 1.33%.

SHANGHAI, May 21 (SMM) – SHFE nonferrous metals closed mixed on Friday May 21. Copper declined 1.25%, aluminium fell 1.76% and nickel tumbled 3.21%, while zinc gained 0.45%, lead added 0.77% and tin rose 1.33%.

Copper: The most-traded SHFE 2107 copper contract finished the day 1.25% lower at 72,160 yuan/mt, with open interest adding 8,161 lots to 127,000 lots.

The procession of Americans heading to the unemployment line fell last week, with jobless claims totaling a fresh pandemic-era low of 444,000, the Labor Department reported Thursday. The Philadelphia Fed’s latest survey of factories showed that producers’ accelerating input costs helped drive the May index of prices received to its highest level in 40 years. Supply-chain bottlenecks, mounting wage pressures and soaring materials costs are testing profit margins, prompting companies to increase their prices.

Aluminium: The most-active SHFE 2107 aluminium contract slid 1.76% to close the day at 18,710 yuan/mt, with open interest rising 11,363 lots to 244,000 lots, and it is expected to fluctuate vigorously tonight.

Zinc: The most-liquid SHFE 2107 zinc contract gained 0.45% to end the day at 22,435 yuan/mt, with open interest adding 14,420 lots to 83,332 lots.

Nickel: The most-traded SHFE 2107 nickel contract tumbled 3.21% to finish the day at 124,220 yuan/mt, with open interest increasing 7,917 lots to 112,000 lots.

Lead: The most-active SHFE 2106 lead contract closed the day 0.77% higher at 15,610 yuan/mt, with open interest losing 2,741 lots to 36,746 lots. Relatively high inventories of lead ingots may not be able to boost spot lead prices, but tightening lead concentrate supply and firm battery scrap prices lend support to lead prices. Whether the contract could steady above the five-day moving average tonight will be monitored.

Tin: The most-liquid SHFE 2107 tin contract rose 1.33% to end the day at 197,290 yuan/mt, with open interest increasing 1,487 lots to 34,419 lots, and it is expected to move between 192,000-200,000 yuan/mt tonight.

Copper
Aluminium
Zinc
Nickel
Lead
Tin

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