SMM Morning Comments

Category:-Metal | 22-Apr-2024 09:41 AM

Copper - LME copper prices opened at $9804/mt and closed at $9874.5/mt last Friday, a rise of 1.35%, with the low-end of $9793.5/mt and the high-end of $9913.5/mt. Trading volume was 34,000 lots, and open interest stood at 335,000 lots. The most active SHFE 2102 contract prices opened at 79700 yuan/mt and closed at 80080 yuan/mt last Friday evening, up 1.39%, with the high-end of 80170 yuan/mt and the low-end of 79450 yuan/mt. Trading volumes stood at 97,000 lots and open interest stood at 213,000 lots. 

Aluminum - Last Friday night, the most-traded SHFE 2406 aluminum contract opened at 20,380 yuan/mt, with its lowest and highest at 20,380 yuan/mt and 20,560 yuan/mt before closing at 20,475 yuan/mt, up 95 yuan/mt or 0.47%. LME aluminum opened at $2,610/mt in the previous trading day, with its high and low at $2,684/mt and $2,608.5/mt respectively before closing at $2,660.5/mt, up $50.5/mt or 1.93%.

Lead - Last Friday, LME lead price opened at US$2180/ton and hit a high of US$2222/ton, and finally closed at US$2214/ton, an increase of 1.40%. The most traded SHFE 2406 lead contract opened at 17400 yuan/mt and rose 1.22% to close at 17450 yuan/mt briefly hitting a high point at 17560 yuan/mt.

Zinc - Last Friday, LME zinc prices opened at $2811.5/mt, hitting a low and high of $2803.5/mt and $2863/mt respectively, and closed at $2851/mt, up $36/mt or 1.28%. Trading volume decreased to 11612 lots, and open interest grew 1030 lots to 240,000 lots. Last Friday, the most active SHFE 2406 zinc contract opened at 22775 yuan/ton. It touched of 22900 yuan/ton and a low of 22585 yuan/ton, and finally closed up at 22805 yuan/ton, up 200 yuan/ton, or 0.88%. The trading volume decreased to 126,000 lots, and open interest increased by 2837 lots to 123,000 lots.

Nickel - Nickel prices fluctuated last week, closing at 140,910 yuan/mt on Friday, above 140,000 yuan/mt again. At the beginning of last week, affected by US lower-than-expected inflation data, nickel prices fluctuated downward to the lowest at 133,780 yuan/mt. Later, boosted by macro environment and industrial chain, nickel prices rose.

Tin - SHFE 2405 tin contract went up last Friday night, closing at 280,850 yuan/mt, up 5.64%.


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