SMM Evening Comments (May 26): Shanghai nonferrous metals closed mixed, tin gained 0.84%

SHANGHAI, May 26 (SMM) – Shanghai base metals closed mixed on Wednesday May 26. Copper shed 0.77%, aluminium dropped 0.65% and nickel edged down 0.02%, while zinc added 0.18%, lead advanced 0.55% and tin increased 0.84%.

Copper: The most-traded SHFE 2107 copper contract finished the day 0.77% lower at 71,780 yuan/mt, with open interest losing 365 lots to 129,000 lots.

Home prices were 13.2% higher in March, compared with March 2020, according to the S&P CoreLogic Case-Shiller National Home Price Index. That’s up from the 12% annual gain in February, and it marks the 10th straight month of accelerating home prices. Several Republicans in the U.S. Senate planned to propose a $1 trillion infrastructure plan to the Biden administration on Thursday, but there was still a big gap with the White House's $1.7 trillion proposal.

Aluminium: The most-active SHFE 2107 aluminium contract shed 0.65% to close the day at 18,210 yuan/mt, with open interest losing 8,921 lots to 219,000 lots.

Zinc: The most-liquid SHFE 2107 zinc contract ended the day 0.18% higher at 22,305 yuan/mt, with open interest rising 2,159 lots to 88,541 lots.

Nickel: The most-traded SHFE 2107 nickel contract edged down 0.02% to finish the day at 125,420 yuan/mt, with open interest decreasing 2,814 lots to 112,000 lots.

Lead: The most-active SHFE 2107 lead contract gained 0.55% to close the day at 15,420 yuan/mt, with open interest adding 754 lots to 52,025 lots.

Tin: The most-liquid SHFE 2107 tin contract rose 0.84% to end the day at 197,420 yuan/mt, with open interest decreasing 3,317 lots to 30,590 lots, and it is likely to move between 193,000-200,000 yuan/mt tonight.