SMM Morning Comments

Category:-Metal | 16-Apr-2024 09:22 AM

Copper - LME copper prices opened at $9451.5/mt and closed at $9568/mt in last evening trading, a gain of 1.71%, with the low-end of $9451.5/mt and the high-end of $9631/mt. Trading volume was 33,000 lots, and open interest stood at 333,000 lots. The most active SHFE 2406 copper contract prices opened at 77290 yuan/mt and closed at 77490 yuan/mt last evening, up 0.53%, with the high-end of 77570 yuan/mt and the low-end of 76520 yuan/mt. Trading volumes stood at 88,000 lots and open interest stood at 205,000 lots. 

Aluminum - Overnight, the most-traded SHFE 2406 aluminum contract opened at 20,585 yuan/mt, with high and low at 20,720 yuan/mt and 20,330 yuan/mt before closing at 20,475 yuan/mt, down 385 yuan/mt or 1.85%. LME aluminum opened at $2,550/mt in the previous trading day, with its high and low at $2,728/mt and $2,535/mt respectively before closing at $2,548.5/mt, up $63.5/mt or 2.55%.

Lead - LME lead opened at $2185/mt overnight and rose by 0.18% to close at $2172.5/mt with highest at $2198/mt and the lowest point at $2153.5/mt. The most active 2406 lead contract prices opened at 16770 yuan/mt last night with the high-end of 16815 yuan/mt and the low-end of 16720 yuan/mt, and closed at 16780 yuan/mt, a decrease of 0.09%.

Zinc - LME zinc opened at $2850/mt last evening, and hit a high of $2897/mt before falling back to a low of $2711/mt, and closed at $2775/mt, a decrease of $27/mt or 0.98%. The trading volume decreased to 19907 lots, and open interest grew 1576 lots to 254,000 lots.

Nickel - On Monday, the most-traded SHFE nickel contract opened at 138,300 yuan/mt, and closed at 139,240 yuan/mt, up 990 yuan/mt compared with the last trading day. Trading volume increased by 56,688 lots to 340,848 lots, and open interest decreased by 5,153 lots to 66,135 lots. 

Tin - SHFE 2405 tin contract fluctuated downwards and bounced back overnight, closing at 256,500 yuan/mt, up 0.53%.


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