SHANGHAI, May 17 (SMM) - The most-traded SHFE 2306 aluminium contract opened at 18,115 yuan/mt overnight, with its low and high at 18,085 yuan/mt and 18,280 yuan/mt before closing at 18,230 yuan/mt, up 115 yuan/mt or 0.63%.

With the recovery of large-scale secondary lead smelters after maintenance and the production ramp-up of new capacity, the overall supply will increase in May.

Inventories of Lead Ingots at Domestic Primary Lead Smelters Grew In April and Will Accumulate Further in May

SHANGHAI, May 16 (SMM) - In April 2023, the monthly average price of Ni1.5% medium-grade laterite nickel ore was $52/wmt CIF, down from March.

SHANGHAI, May 16 (SMM) - With the passing of peak season, new orders from downstream enterprises have begun to dwindle.

Spot quotes in north China inched higher before rallying last week. Spot copper was quoted with discounts of 230-50 yuan/mt, or an average discount of 140 yuan/mt last Friday, flat from two Fridays ago.

SMM reported that #1 copper cathode traded with premiums of 50-90 yuan/mt against SHFE 2305 copper contract on May 5, and with premiums of 0-80 yuan/mt over the contract on May 12 Spot premiums fell initially and then rose last week, affected mainly by SHFE copper prices and the price spread between the SHFE front-month and next-month contracts.

Quotes of battery-grade nickel sulphate were 32,900-33,500 yuan/mt last Friday.

Last year, there were media reports that Argentina, Bolivia and Chile were working to promote the establishment of a "Lithium Triangle OPEC" similar to the Organization of the Petroleum Exporting Countries (OPEC) to reach a "price agreement" in the event of lithium price fluctuations. Chile's plan to nationalize lithium mines, if implemented, would advance the plan.

The China Association of Automobile Manufacturers pointed out that the current downward pressure on the Chinese economy continues to increase.