SHANGHAI, Mar 6 (SMM) – Shanghai nonferrous metals closed mixed in day trading. On the macro front, the US labour market was still quite resilient, and China’s Two Sessions meeting which opened over the weekend underpinned metals prices.
SHFE copper slid 0.12%, aluminium dropped 0.39%, lead added 0.1%, zinc was flat, tin shed 0.17%, and nickel gained 1.05%.
Copper: The most-traded SHFE 2304 copper closed down 0.12% or 80 yuan/mt at 69,310 yuan/mt, with open interest down 6,454 lots to 145,748 lots.
The spot market today saw the tug-of-war between sellers and buyers, and the spot quotations were around the flat level.
Aluminium: The most-traded SHFE 2304 aluminium closed down 0.35% or 65 yuan/mt at 18,590 yuan/mt, with open interest down 2,722 lots to 193,121 lots.
The last batch of sources in Yunnan after local smelters suspended the production were digested, and downstream operating rates and consumption have been optimistic. But the demand recovery needs further observation.
Lead: The most-traded SHFE 2304 lead closed up 0.1% or 15 yuan/mt at 15,285 yuan/mt, with open interest up 1,699 lots to 61,073 lots.
Some cargo holders held the prices firm as they intended to ship the goods to SHFE warehouses for delivery, while downstream players purchased on demand, and low-priced goods from smelters and nearby sources were more popular.
Zinc: The most-traded SHFE 2304 zinc closed flat at 23,280 yuan/mt, with open interest down 3,856 lots to 82,434 lots.
Falling zinc price today encouraged downstream players to purchase on dips, though most transactions were made on rigid demand. Market inquiries have picked up.
Tin: The most-traded SHFE 2304 tin closed down 0.17% or 330 yuan/mt at 199,650 yuan/mt, with open interest down 11 lots to 68,702 lots.
The traders were quite active in making quotes, and the spot prices of various refined tin brands were stable. The buyers, however, were less interest in making inquiries, according to the traders. The transactions were poor as a whole.
Nickel: The most-traded SHFE 2304 nickel closed up 1.05% or 1,960 yuan/mt at 188,620 yuan/mt, with open interest down 5,175 lots to 75,865 lots.
In the spot market, Jinchuan nickel was in premiums of 8,000-8,500 yuan/mt, with an average of 8,250 yuan/mt, up 850 yuan/mt from the previous trading day. NORNICKEL nickel was in premiums of 3,800-4,300 yuan/mt, with an average of 4,050 yuan/mt, down 50 yuan/mt. The spot premiums showed signs of stop falling as upstream players began to quote against SHFE 2304, but market transactions weakened. For nickel briquette, the prices stood between 188,800-189,100 yuan/mt, down 3,350 yuan/mt.
[Disclaimer: The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.]
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