SMM Daily Comments (Apr 18): Most SHFE Metals Prices Gained with Tin Prices Surging Further, Coking Coal Rose Significantly

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Aug 12, 2022

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jul 14, 2022

In June, the market was in anticipation of the sharp interest rate hikes in the Europe and US and the global economic recession, and the shorts completely took over the commodity market.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jul 7, 2022

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.

SHANGHAI, Jun 21 (SMM) - The market is worried about the economic outlook in the context of US and European interest rate hikes to fight soaring inflation, weighing on base metals. SHFE zinc hit its lowest since May 16 at 25,165 yuan/mt yesterday.

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.

In the futures market, LME copper opened at $8,879/mt yesterday and rose to $8,892.5/mt after falling to $8,851/mt.

Technology analyst company CCS Insight said in its latest global market forecast report that 5G mobile technology users will exceed 1 billion in 2022.

Manganese ore import prices differed significantly in May. The monthly average price of Australia lump remained at 62 yuan/mtu, flat MoM.