SMM Evening Comments (Jun 2): Shanghai nonferrous metals ended mixed, lead fell 1.29%

Published: Jun 2, 2021 18:00

Save

SHFE nonferrous metals closed mixed on Wednesday June 2, and investors in the US and Europe were looking ahead to key US jobs data later this week and upcoming meetings of the Fed and the European Central Bank.

SHANGHAI, Jun 2 (SMM) – SHFE nonferrous metals closed mixed on Wednesday June 2, and investors in the US and Europe were looking ahead to key US jobs data later this week and upcoming meetings of the Fed and the European Central Bank.

Zinc, the best performer, rose 1.34%, tin advanced 0.81% and nickel went up 0.55%, while aluminium edged down 0.83%, lead fell 1.29% and copper weakened 0.42%.

The ferrous complex also rose across the board. Iron ore increased 2.77%, rebar rose 0.5%, and hot-rolled coil climbed 0.8%.

Copper: The most-traded SHFE 2107 copper contract finished the day 0.42% lower at 73,680 yuan/mt. Open interest fell 1,121 lots to 142,144 lots.

Aluminium: The most-liquid SHFE 2107 aluminium contract finished the day 0.83% lower at 18,605 yuan/mt. Open interest fell 3,140 lots to 206,512 lots.

Zinc: The most-active SHFE 2107 zinc contract closed up 1.34% at 23,140 yuan/mt. Open interest rose 7,902 lots to 113,629 lots. The manufacturing PMI of the US and China both recorded a new high, and LME inventories continued to decrease, boosting zinc prices to fluctuate upward. However, zinc prices continued to be strong and the downstream market had poor willingness to restock, leading to the sluggish transaction. The downstream consumption was in the traditional off-season, and the demand was still weak. The pressure position along the BOLL line above will be monitored night, and it is expected that zinc prices will keep fluctuating within a narrow range.

Nickel: The most-traded SHFE 2107 nickel contract ended the day 0.55% higher at 133,590 yuan/mt today. Open interest fell 9,818 lots to 125,115 lots.

Lead: The most-traded SHFE 2107 lead contract ended the day 1.29% lower at 15,350 yuan/mt. Open interest rose 3,565 lots to 61,571 lots. Recently, the consumption drive of lead ingots is still mainly on rigid demand while TCs for concentrate and battery scrap were still firm. The contract will test support from 40-day moving average tonight.

Tin: The most-liquid SHFE 2107 tin contract fell to a session low of 204,920 yuan/mt and finished the day 0.62% higher at 207,280 yuan/mt today. Open interest fell 634 lots to 32,156 lots. Yunnan's power curtailment continued to support the high fluctuation of tin prices. Macro control on commodities formed resistance to the rise of tin prices to a certain extent. The trend of LME tin and the impact of 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.

For any inquiries or to learn 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

17 hours ago

Tax-Inclusive Procurement Costs for Copper Scrap Rose, and "Reverse Invoicing" Became a Key Compliance Pathway

Looking back at 2025, as the transitional implementation year for the "reverse invoicing" policy, the National Development and Reform Commission's "Document No. 770" explicitly required the termination of local governments' non-compliant investment promotion cooperation. Under the policy guidance of building a unified national market, the copper scrap industry has been gradually moving toward a standardized and compliant development track.

17 hours ago

Mar 28, 2026 11:05

CMOC: 2025 Net Profit up 50.3% YoY, Copper Production at 741,100 mt; Niobium, Cobalt, Molybdenum, and Tungsten Output Exceeded Expectations

Mar 28, 2026 11:05

Mar 27, 2026 17:05

INE to Expand Tradable Options for Qualified Foreign Investors, Adding TSR 20 Rubber and Copper Contracts

According to an announcement by the Shanghai International Energy Exchange, with the approval of the China Securities Regulatory Commission, effective April 22, 2026 (from the night continuous trading session on April 21), the Shanghai International Energy Exchange (hereinafter referred to as INE) will further expand the range of tradable products available to Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors (collectively, Qualified Foreign Investors), with the newly added commodity options contracts open for trading as follows: TSR 20 rubber and international copper options contracts.

Mar 27, 2026 17:05