SMM Nickle Market Morning Comment (Mar 5)

SHANGHAI, Jun 5 (SMM) –The prices of ADC12 secondary aluminium alloy rose 150 yuan/mt from a week ago to 18,650 yuan/mt as of last Friday.

SHANGHAI, Jun 5 (SMM) – SMM battery-grade lithium carbonate prices were 282,000-313,000 yuan/mt as of May 30, with the average price up 2,500 yuan/mt from the previous trading day to 297,500 yuan/mt. 

SHANGHAI, Jun 5 (SMM) – The 10th round of coke price cuts slightly boosted the demand for lumps.

SHANGHAI, Jun 5 (SMM) – Although many places were affected by high temperature or rain last week, the apparent demand for building materials increased significantly.

SHANGHAI, Jun 5 (SMM) –The most-traded SHFE 2307 aluminium contract opened at 18,480 yuan/mt at last Friday’s night session, with its low and high at 18,370 yuan/mt and 18,520 yuan/mt before closing at 18,385 yuan/mt, down 95 yuan/mt, or 0.51%.

Petroleum coke quotes generally stood stable this week.

Vietnamese electric car maker VinFast is recalling its first cars sold in the US due to a software error that caused the head-up display to malfunction, according to a statement on the National Highway Traffic Safety Administration's website.

On May 24, the Shanghai government said it invited General Motors (GM) to increase its investment, research and development in the city.

LME copper prices closed at $7,891/mt overnight, a decline of 2.35%. Trading volume was 27,000 lots and open interest stood at 254,000 lots. The most active SHFE 2307 copper contract finished at 62,990 yuan/mt, down 1.5%. Trading volume was 89,000 lots and open interest stood at 215,000 lots.

As of Friday May 12, copper inventories in the domestic bonded zones decreased 9,300 mt from May 5 to 150,000 mt, according to the latest SMM survey.