SMM Morning Comments

Category:-Metal | 22-Mar-2024 09:23 AM

Copper - LME copper prices opened at $9008/mt and closed with a drop of 0.29% at $8963.5/mt last evening the low-end of $8918.5/mt and the high-end of $9022/mt. Trading volume stood at 27,000 lots. Open interest stood at 314,000 lots. The most active SHFE 2405 copper contract prices opened at 72920 yuan/mt and closed at 72560 yuan/mt last evening, down 0.43%, with the high-end of 73060 yuan/mt and the low-end of 72360 yuan/mt. Trading volumes stood at 64,000 lots and open interest stood at 211,000 lots. 

Aluminum - Overnight, the most-traded SHFE 2405 aluminum contract opened at 19,510 yuan/mt, with high and low at 19,530 yuan/mt and 19,365 yuan/mt before closing at 19,405 yuan/mt, down 80 yuan/mt or 0.41%. LME aluminum opened at $2,290/mt in the previous trading day, with its high and low at $2,313.5/mt and $2,285.5/mt respectively before closing at $2,309/mt, up $25.5/mt or 1.12%.

Zinc -LME zinc opened at $2518/mt last evening, and hit a high of $2571.5/mt before falling back to a low of $2525/mt, and closed at $2532/mt, up $9/mt or 0.36%. Trading volume was 10102 lots, and open interest increased by 2470 lots to 223,000 lots. The most active SHFE 2405 prices opened at 21480 yuan/mt and lost 5 yuan/mt or 0.02% to settle at 21320 yuan/mt in overnight trading with the low-end of 21275 yuan/mt. Trading volumes decreased to 56146 lots and open interest fell 2183 lots to 106,000 lots.

Nickel -Overnight, the most-traded SHFE nickel contract opened at 136,360 yuan/mt, and closed at 137,980 yuan/mt, down 1,420 yuan/mt. Trading volume fell by 11,347 lots, and open interest decreased by 1,885 lots.

Tin -SHFE 2404 tin contract rose to 229,730 yuan/mt and closed at 227,790 yuan/mt, up 1.08%.


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