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SMM Daily Review (Sept. 15)

Macquarie Ups Base Metals Outlook, Favours Copper

SHANGHAI, Sept. 16 (SMM) --
&nbsp;&nbsp;&nbsp; Copper:
&nbsp;&nbsp;&nbsp; SHFE copper prices opened high, and slipped after short-term surges. SHFE three-month contract copper prices soared to RMB 48,450/mt and received greater pressure from RMB 48,300/mt. Today is the last trading day for spot-month contracts, and price spread reached nearly RMB 100/mt after transitioning into a new contract month tomorrow, so spot premiums were RMB 50-150/mt today. Premiums for high-quality copper were RMB 100-150/mt, and premiums for parity copper were RMB 50-80/mt, with limited trading volumes. In the morning, copper traded prices were RMB 48,100-48,250/mt, and climbed to RMB 48,200-48,400/mt in the afternoon, with worse transactions than yesterday. Market players predict spot premiums will likely fall to RMB 0/mt, or slight discounts will appear again after entering a new contract month. Copper prices felt greater pressure above RMB 49,000/mt, and spot copper prices received support from RMB 47,500/mt. At present, positions report no significant changes, and market players held optimistic sentiment towards future copper prices.
&nbsp;&nbsp;&nbsp; Aluminum:
&nbsp;&nbsp;&nbsp; SHFE aluminum prices followed and opened high. SHFE spot-month contract aluminum prices showed a firm performance on the last trading day before the delivery date, and moved smoothly at RMB 14,880/mt in the morning, and closed at RMB 14,980/mt in the afternoon, with a growth rate of 1.40%. The situation of strong nearby-contracts and weak forward contracts remained in the market. In spot market, aluminum prices grew by RMB 100/mt compared to yesterday, and spot premiums were RMB 20-50/mt, with traded prices in the RMB 14,920-14,960/mt in the morning. Traded prices climbed to RMB 14,950/mt in the afternoon following SHFE aluminum price trend. Today, aluminum prices still felt pressure from RMB 15,000/mt, with much worse transactions compared to yesterday.
&nbsp;&nbsp;&nbsp; Lead:
&nbsp;&nbsp;&nbsp; In Shanghai lead market, SMM lead prices continued to fall to the range of RMB 15,500-15,700/mt, the market panic sentiment became relieved with the guidance of LME lead prices. Offers were RMB 15,700/mt for high-grade lead in the morning, and inquiries were up, while low-end lead was mainly traded in the RMB 15,300-15,400/mt range. Lead prices will likely stabilize at RMB 15,500/mt and should find solid support at RMB 15,000/mt, if LME lead prices continue to rise steadily.
&nbsp;&nbsp;&nbsp; Zinc:
&nbsp;&nbsp;&nbsp; SHFE zinc prices opened up by 1%, and moved smoothly in the morning, and inched up in the afternoon, with a growth rate of more than 2%. In spot market, before transitioning into a new contract month, offers for #0 zinc were firm at RMB 14,750-14,800/mt, and climbed to close to RMB 15,000/mt in the afternoon. In this context, trading volumes of non-registered zinc and #1 zinc increased compared to yesterday.
&nbsp;&nbsp;&nbsp; Tin:
&nbsp;&nbsp;&nbsp; In Shanghai tin market, traders moved goods (YT brand) only at RMB 118,000/mt, and market sentiment was lukewarm.&nbsp;
&nbsp;&nbsp;&nbsp; Nickel:
&nbsp;&nbsp;&nbsp; In Shanghai nickel market, trading volumes of imported nickel increased when prices were RMB 129,000/mt. LME nickel prices moved up, helping push up nickel prices in Shanghai market. Prices were RMB 132,000/mt for nickel from Jinchuan Group, and traders showed higher interest in replenishing stocks when prices were lower. Therefore, nickel prices would find support at RMB 130,000/mt in the short term.
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