SHANGHAI, Jun 29 (SMM) – Shanghai nonferrous metals closed mixed on Tuesday June 29 amid the off-peak season and with the approaching of the 100th anniversary of the founding of CPC.
Nickel registered the largest fall by 1.59%, aluminium dropped 0.24%, and copper fell 0.5%, while tin rose 0.78% to lead the gain, lead went up 0.26%, and zinc rose 0.3%.
The ferrous complex ended mixed. Iron ore fell 2.66%, rebar shed 0.49%, while hot-rolled coils gained 0.11%.
Copper: The most liquid SHFE 2108 copper contract ended 0.5% lower at 68,150 yuan/mt today, with open interest increasing 2,605 lots to 122,235 lots.
Aluminium: The most active SHFE 2108 aluminium contract finished the day 0.24% lower at 18,820 yuan/mt, with open interest down 12,000 lots to 217,312 lots.
The decline in the social inventory of aluminium ingots gradually narrowed with the approaching of the off-peak season. SHFE aluminium is expected to remain volatile at high levels in the overnight trading amid the expectation that the released national aluminium ingot reserves will flow into the market.
Lead: The most traded SHFE 2108 lead contract finished the day 0.26% higher at 15,470 yuan/mt today, with open interest up 4,332 lots to 68,091 lots.
The market generally holds a wait-and-see stance with the approaching of month end and the 100th anniversary of the founding of CPC, so the circulating resources are relatively abundant. Spot discounts slightly widen amid sluggish trade. Whether SHFE lead can keep the gains and stand above 15,400 yuan/mt in the overnight trading is worth attention.
Zinc: The most active SHFE 2108 zinc contract gained 0.3% to end at 21,905 yuan/mt today, with open interest up 1,291 lots to 102,120 lots.
Nickel: The most traded SHFE 2107 nickel contract lost 1.59% to close at 135,560 yuan/mt today, with open interest down 25,340 lots to 23,142 lots.
Tin: The most liquid SHFE 2108 tin contract ended 0.78% higher at 210,720 yuan/mt today, with open interest down 582 lots to 39,791 lots.
The overall market trade weakened as upstream companies actively shipped goods at higher prices, while downstream companies were wait-and-see.