SMM Morning Comments

Category:-Metal | 25-Apr-2024 09:46 AM

Copper - LME copper prices opened at $9794.5/mt and closed 0.64% higher at $9790/mt overnight, with the low-end of $9758.5/mt and the high-end of $9843/mt. Trading volume was 23,000 lots, and open interest stood at 335,000 lots. The most active SHFE 2102 contract prices opened at 79250 yuan/mt and closed at 79230 yuan/mt last evening, up 0.74%, with the high-end of 79690 yuan/mt and the low-end of 78930 yuan/mt. Trading volumes stood at 64,000 lots and open interest stood at 198,000 lots.

Aluminum - Overnight, the most-traded SHFE 2406 aluminum contract opened at 20,280 yuan/mt, with its lowest and highest at 20,230 yuan/mt and 20,335 yuan/mt before closing at 20,280 yuan/mt, up 130 yuan/mt or 0.65 %. LME aluminum opened at $2,580/mt in the previous trading day, with its high and low at $2,614.5/mt and $2,563/mt respectively before closing at $2,584/mt, up $8/mt or 0.31%.

Lead - Last evening, LME lead price opened at US$2182.5/ton and hit a high of US$2209/ton, and finally closed at US$2202.5/ton, an increase of 0.85%. The most traded SHFE 2406 lead contract opened at 17095 yuan/mt and rose 0.50% to close at 17090 yuan/mt after briefly hitting a high point at 17145 yuan/mt and the lowest point at 17035 yuan/mt.

Zinc - Overnight, LME zinc opened at $2795/mt, hitting a low and high of $2783/mt and $2838/mt respectively, and closed higher at $2794.5/mt. Trading volume decreased to 8967 lots, and open interest decreased 285 lots to 244,000 lots. The most active SHFE 2406 zinc contract prices opened at 22565 yuan/mt and gained 25 yuan/mt or 0.11% at 22490 yuan/mt, with the high-end of 22640 yuan/mt and the low-end of 22445 yuan/mt. Trading volumes decreased to 81995 lots and then interest grew 50 lots to 109,000 lots.

Nickel - On April 24, the most-traded SHFE nickel contract opened at 139,970 yuan/mt, and closed at 142,990 yuan/mt, up 2,020 yuan/mt compared with the last trading day. Trading volume fell by 165,098 lots to 307,135 lots, and open interest decreased by 3,882 lots to 100,172 lots.

Tin - SHFE 2405 tin contract rebounded slightly after opening lower, closing at 254,570 yuan/mt, up 0.53%.


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