SHANGHAI, May 25 (SMM) – SHFE nonferrous metals closed mixed on Tuesday May 25. Copper gained 0.68%, nickel rose 0.81% and tin strengthened 0.95%, while aluminium shed 0.24%, zinc weakened 0.56% and lead declined 1.83%.

SMM data showed that a total of 83 vessels carrying 12.48 million mt of iron ore arrived at major Chinese ports during May 16-22, SMM estimates. This was up 300,000 mt from the previous week but down 890,000 mt from the same period last year.

Copper: The most-traded SHFE 2107 copper contract finished the day 0.68% higher at 72,230 yuan/mt, with open interest losing 2,140 lots to 130,000 lots.

The US dollar cruised lower as several Fed officials refuted claims that inflationary pressures will continue to rise, which supported copper prices. However, in China, five ministries including the National Development and Reform Commission jointly interviewed key enterprises in the iron ore, steel, copper, and aluminium industries, requiring them to maintain the order of prices in the bulk commodities market.

Aluminium: The most-active SHFE 2107 aluminium contract shed 0.24% to close the day at 18,370 yuan/mt, with open interest decreasing 7,043 lots to 228,000 lots.

Zinc: The most-liquid SHFE 2107 zinc contract dropped 0.56% to end the day at 22,145 yuan/mt, with open interest adding 2,738 lots to 86,382 lots. Zinc prices are expected to remain weak tonight, with pressure from the five- and ten-day moving averages.

Nickel: The most-traded SHFE 2107 nickel contract gained 0.81% to finish the day at 125,220 yuan/mt, with open interest rising 3,245 lots to 115,000 lots.

Lead: The most-active SHFE 2107 lead contract declined 1.83% to close the day at 15,255 yuan/mt, with open interest increasing 9,488 lots to 51,271 lots.

Tin: The most-liquid SHFE 2107 tin contract ended the day 0.95% firmer at 196,950 yuan/mt, with open interest adding 721 lots to 33,907 lots, and it is expected to move between 192,000-200,000 yuan/mt tonight.