Copper Prices Can Still Have Support from Consumption

SMM reported that the price of #1 refined nickel rose 1,400 yuan/mt on February 8.

The prices of some coal categories dipped and the cost support for coke has weakened. Falling steel prices kept steel mills cautious in purchasing coke and some of the mills continued to push for lower coke prices.

DCE iron ore futures market falling trends,and start to rebounded in the afternoon. the main contract closed 853.5 by 0.89%. some traders were negative to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high.

There will not be solid macro data this week. The one-year inflation expectations in the United States and the annualised CPI in China in January are due this week. The public speeches of Federal Reserve Chairman Powell and voting commission after the interest rate meeting will be the focus of markets.

SHANGHAI, Jul 13 (SMM) – The SMM weighted average alumina index stood at 2,957 yuan/mt from June 13 to July 11, a drop of 39 yuan/mt from a month ago.

SHANGHAI, Jun 23 (SMM) - Nickel prices have begun to correct down since June 9, falling over 4% in a single day as of CST 18:11 yesterday.

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 709.5,decreased of 5.96%.

Huayou Cobalt issued an announcement on investment that the company plans to jointly build Huashan Nickel-Cobalt with an annual output of 120,000 mt of Ni content and nickel-cobalt hydroxide hydrometallurgy project with Glaucous through its wholly-owned subsidiary Huatuo International Development Pte. Ltd.

LME lead opened at $2,056/mt and rose by 2.34% to $2,098/mt overnight, after hitting the lowest point of $2,042/mt and the highest point of $2,099.5/mt. During the Asian trading hours, affected by the SHFE lead, LME lead fluctuated between $2,050-2070/mt while in the European trading hours,  LME lead hit one-month low amid the increase of US dollar and then rose up due to the increase of SHFE lead. The most traded SHFE 2207 lead contract opened at 14,960 yuan/mt overnight and rose up to 15,195 yuan/mt as the lead ingot warrant inventories declined by 8,000 mt, and finally closed at 15,180 yuan/mt, up 1.71%. The open interest decreased by 5,454 lots from the previous trading day to 44,274 lots.

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