SMM Morning Comments

Category:-Metal | 24-Apr-2024 09:37 AM

Copper - LME copper prices opened at $9672.5/mt and closed at $9728/mt overnight, down 1.27%, with the highest of $9735/mt and the lowest of $9627/mt. The trading volume was 28,000 lots, and open interest stood at 335,000 lots. The most active SHFE 2102 contract prices opened at 77930 yuan/mt and finished at 78630 yuan/mt overnight, down 0.29%, with the low-end of 77650 yuan/mt and the high-end of 78650 yuan/mt. Trading volume was 80,000 lots and open interest stood at 196,000 lots.

Aluminum - Overnight, the most-traded SHFE 2406 aluminum contract opened at 20,000 yuan/mt, with high and low at 20,175 yuan/mt and 19,960 yuan/mt before closing at 20,125 yuan/mt, down 250 yuan/mt or 1.23 %. LME aluminum opened at $2,661.5/mt yesterday, with its high and low at $2,669.5/mt and $2,562.5/mt respectively before closing at $2,576/mt, down $82/mt or 3.09%.

Lead - LME lead opened at $2164/mt last evening and rose by 1.11% to close at $2184/mt, with the lowest point at $2141/mt and the highest point at $2192/mt. Overnight, the most active SHFE 2406 opened at 16805 yuan/ton, finally closing at 16965 yuan/ton, an increase of 0.77%.

Zinc - LME zinc opened at $2825/mt yesterday evening, and hit a high of $2827.5/mt before falling back to $2758/mt, and closed at $2790/mt, a decrease of $36.5/mt or 1.29%. Trading volume increased to 10641 lots, and open interest grew 2068 lots to 245,000 lots. Last evening, the SHFE 2406 zinc contract opened at 22175 yuan/ton with a low of 22140 yuan/ton and a high of 22480 yuan/ton. It finally closed down at 22450 yuan/ton, down 25 yuan/ton, or 0.11%. The trading volume dropped to 96058 lots, and the open interest decreased by 633 lots to 110,000 lots.

Nickel - On Tuesday, the most-traded SHFE nickel contract opened at 144,110 yuan/mt, and closed at 140,970 yuan/mt, down 2,610 yuan/mt compared with the last trading day. Trading volume rose 43,260 lots to 472,233 lots, and open interest decreased 2,719 lots to 104,054 lots.

Tin - SHFE 2405 tin contract rebounded slightly after opening lower and traded around 252,000 yuan/mt, closing at 252,890 yuan/mt, down 4.71%.


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