SHANGHAI, Jul 1 (SMM) – Shanghai nonferrous metals closed mixed today amid the sluggish market trade and falling warehouse receipts.
Zin increased most by 0.98%, and copper inched up 0.01%, while aluminium dropped 1.14%, lead fell 0.57%, nickel shed 1.72%, and tin decreased 1.32%.
The ferrous complex all rose. Iron ore went up 1.08%, rebar increased 0.76%, and HRC gained 0.52%.
Copper: The most traded SHFE 2108 copper contract inched up 0.01% to close at 68,260 yuan/mt today, with open interest up 1 lot to 121,003 lots.
Aluminium: The most active SHFE 2108 aluminium contract dropped 1.14% to end at 18,615 yuan/mt today, with open interest down 3,104 lots to 209,130 lots.
Lead: The most traded SHFE 2108 lead contract closed 0.57% lower at 15,715 yuan/mt today, with open interest down 9,452 lots to 64,000 lots. Spot trade was sluggish amid the high lead prices and strong wait-and-see sentiment.
Social inventories of lead ingots are likely to rise, but the stock increase may be limited by more export opportunities amid overseas strong consumption and high LME lead prices. The market is in a game between the peak season of consumption and the high inventories, and lead prices are expected to remain volatile at high levels. The support line at 15,700 yuan/mt is worth attention tonight.
Zinc: The most active SHFE 2108 zinc contract closed 0.98% higher at 22,180 yuan/mt today, with open interest up 3,821 lots to 97,874 lots.
Nickel: The most traded SHFE 2108 nickel contract fell 1.72% to end at 134,090 yuan/mt today, with open interest down 5,985 lots to 133,835 lots.
Tin: The most traded SHFE 2108 tin contract finished the day 1.32% lower at 211,790 yuan/mt today, with open interest down 1,762 lots to 39,859 lots. Smelters shipped goods regularly, and downstream users purchased on rigid demand. The overall market trade was sluggish.