SMM Morning Comments

Category:-Metal | 27-Mar-2024 09:10 AM

Copper - LME copper prices opened at $8863/mt and closed at $8863.5/mt last evening, up 0.01%. Quotes for highest of $8976/mt and the lowest of $8835.5/mt. Trading volume was 15,000 lots, and open interest stood at 310,000 lots. SHFE 2405 copper opened at 72250 yuan/mt overnight and fell to 71940 yuan/mt after rising to 72300 yuan/mt, closing at 72210 yuan/mt, up 0.10%. Trading volume was 26,000 lots, and open interest stood at 189,000 lots.

Aluminum - Overnight, the most-traded SHFE 2405 aluminum contract opened at 19,490 yuan/mt, with high and low at 19,520 yuan/mt and 19,420 yuan/mt before closing at 19,460 yuan/mt, down 30 yuan/mt or 0.15%. LME aluminum opened at $2,329/mt yesterday, with its high and low at $2,331/mt and $2,296.5/mt respectively before closing at $2,300/mt, down $26.5/mt or 1.14%.

Lead - LME lead opened at $2038/mt overnight and fell by 1.25% to close at $2016/mt with highest at $2045.5/mt and the lowest point at $2016/mt. Overnight, the most active SHFE 2405 lead contract opened at 16150 yuan/ton, with the low-end of 16120 yuan/ton, finally closing at 16150 yuan/ton, a decrease of 0.28%.

Zinc - LME zinc prices opened at $2494/mt last evening and closed down $51/mt or 2.05% at $2440/mt. Trading volume increased to 9926 lots, and open interest grew 1394 lots to 232,000 lots. The most active SHFE 2405 zinc opened at 21015 yuan/mt and fell 290 yuan/mt or 1.37% to close at 20865 yuan/mt trading with the high-end of 21035 yuan/mt and the low-end of 20855 yuan/mt. Trading volumes decreased to 57006 lots and open interest grew 1025 lots to 100,000 lots.

Nickel - Overnight, the most-traded SHFE nickel contract opened at 132,880 yuan/mt, and closed at 131,780 yuan/mt, down 1,550 yuan/mt. Trading volume fell by 20,976 lots, and open interest decreased by 1,689 lots.

Tin - SHFE 2404 tin contract rose to 223,940 yuan/mt and closed at 223,170 yuan/mt, up 0.14%.


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