SMM Morning Comments

Category:-Metal | 26-Mar-2024 09:42 AM

Copper - LME copper prices opened at a low of $8,840/mt on Monday, reaching a low of $8,835.5/mt, and dropped to $8,840/mt after hitting a high of $8,933/mt, and finally closed at $8,863/mt. Trading volume was 16,000 lots, and open interest was 314,000 lots. Overnight, the most-traded SHFE 2405 copper contract opened 72,180 yuan/mt, hitting a low of 72,160 yuan/mt, and declined after a hiking to 72,520 yuan/mt, and finally closed at 72,340 yuan/mt. Trading volume was 38,000 lots and open interest was 196,000 lots.

Aluminum - Overnight, the most-traded SHFE 2405 aluminum contract opened at 19,490 yuan/mt, with its lowest and highest at 19,485 yuan/mt and 19,625 yuan/mt before closing at 19,590 yuan/mt, up 135 yuan/mt or 0.69%. LME aluminum opened at $2,305/mt in the previous trading day, with its high and low at $2,331/mt and $2,294/mt respectively before closing at $2,326.5/mt, up $17.5/mt or 0.76%.

Zinc - Overnight, LME zinc opened at $2,485/mt, and hit a low of $2,471/mt after hitting a high of $2,506/mt, but finally closed up $8.5/mt or 0.34% at $2,491/mt. Trading volume decreased to 8,612 lots. Open interest hiked by 1,103 lots to 231,000 lots. The most-traded SHFE 2405 zinc contract opened at 21,140 yuan/mt overnight, and increased to a high of 21,270 yuan/mt after a low of 21,095 yuan/mt, and finally closed up 30 yuan/mt or 0.14% at 21,240 yuan/mt. Trading volume decreased to 39,400 lots.

Nickel - Overnight, the most-traded SHFE nickel contract opened at 135,110 yuan/mt, and closed at 133,330 yuan/mt, down 1,380 yuan/mt. Trading volume fell by 43,048 lots, and open interest decreased by 5,215 lots.

Tin - SHFE 2404 tin contract fell to 223,650 yuan/mt and closed at 223,620 yuan/mt, down 1.18%.


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