SMM lead morning comment: LME lead prices tested $2000/mt, SHFE lead closed higher

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

Argentina aims to become one of the top 10 copper producer in the world by 2030, and its investor-friendly stance has attracted global players such as Glencore and Lundin Mining to its north mountains.

Chongqing issued a document on pushing for the elimination of outdated capacity in 2023.

The 5-year US Treasury yield crashed to its lowest level since August as traders increased their bets on a Fed rate cut in the second half of the year.

According to CCTV news reports, on May 4 local time, Russian Deputy Prime Minister Novak stated that Russia will reduce oil production at the federal level until the end of 2023.

SHANGHAI, May 5 (SMM) - At Thursday’s night session, the most-traded SHFE 2306 aluminium contract opened at 18,410 yuan/mt, with the highest and lowest prices at 18,410 yuan/mt and 18,250 yuan/mt before closing at 18,330 yuan/mt, down 115 yuan/mt or 0.62%.

LME copper prices closed at $8,535/mt last evening, up 0.54%. Trading volume was 19,000 lots and open interest stood at 256,000 lots. The most active SHFE 2306 copper contract finished at 66,540 yuan/mt overnight, down 0.67%. Trading volume was 51,000 lots, and open interest stood at 182,000 lots.

SHANGHAI, May 4 (SMM) – Aluminium ingots: The aluminium ingot social inventories across China’s eight major markets stood at 835,000 mt as of May 4, down 18,000 mt from a week ago and 197,000 mt from the same period last year. 

On the eve of President Joe Biden's discussion with congressional leaders on the debt ceiling next Tuesday, the White House warned that a debt default could seriously damage the US economy or lead to the loss of millions of jobs.

The Russian-Ukrainian conflict has been ongoing for several weeks and the global commodities market has seen dramatic volatility as a result. This comes after the market erupted in concerns over the supply of Russian nickel metal, with LME nickel prices surging above $100,000 per tonne in a single day.