SMM Evening Comments (Jun 1): Shanghai nonferrous metals closed mostly higher, tin fell 1.26%

Published: Jun 01, 2021 18:00 (GMT+8)

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SHFE nonferrous metals rose for the most part on Tuesday June 1 as investors reacted to the release of a private survey on Chinese manufacturing activity in May.

SHANGHAI, Jun 1 (SMM) – SHFE nonferrous metals rose for the most part on Tuesday June 1 as investors reacted to the release of a private survey on Chinese manufacturing activity in May.

Nickel, the best performer, rose 2.07%, copper advanced 0.57%, aluminium went up 0.29% and zinc gained 0.72%, while lead fell 0.9% and tin dropped 1.26%.

A total of 84 vessels carrying 12.67 million mt of iron ore arrived at major Chinese ports during May 23-29, SMM estimates. This was up 190,000 mt from the previous week, and down 2.29 million mt from the same period last year.

The ferrous complex also rose across the board. Iron ore surged 7.29%, rebar rose 1.95%, and hot-rolled coil climbed 0.78%.

Copper: The most-traded SHFE 2107 copper contract finished the day 0.57% higher at 74,160 yuan/mt. Open interest rose 3,077 lots to 143,265 lots.

Aluminium: The most-liquid SHFE 2107 aluminium contract finished the day 0.29% higher at 18,875 yuan/mt. Open interest fell 520 lots to 209,652 lots.

Zinc: The most-active SHFE 2107 zinc contract closed up 0.72% at 23,075 yuan/mt. Open interest rose 1,667 lots to 105,727 lots.

Nickel: The most-traded SHFE 2107 nickel contract ended the day 2.07% higher at 134,920 yuan/mt today. Open interest rose 10,752 lots to 134,933 lots.

Lead: The most-traded SHFE 2107 lead contract ended the day 0.9% lower at 15,455 yuan/mt. Open interest rose 1,163 lots to 56,006 lots. Recently, the consumption drive of lead ingots is still mainly on rigid demand. Whether the nonferrous metals could maintain the upward trend and boost the contract to stop falling and stand firm at 15,500 yuan/mt still should be monitored tonight.

Tin: The most-liquid SHFE 2107 tin contract fell to a session low of 204,040 yuan/mt and finished the day 1.44% lower at 206,000 yuan/mt today. Open interest fell 5,206 lots to 32,790 lots. Futures fell and smelters' willingness to ship weakened. Yunnan's power curtailment continued to support the high fluctuation of tin prices at 205,000-208,000 yuan/mt. The impact of overseas market dynamics and macro-policy dynamics on futures price trends will be monitored. Pressure above will be seen from 210,000 yuan/mt today. Support below will be seen from 197,000 yuan/mt today.

Evening comments Copper Aluminium Zinc Nickel Lead Tin

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.

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