SMM Morning Comments

Category:-Metal | 17-Apr-2024 09:30 AM

Copper - LME copper prices opened at $9463/mt and closed with a drop of 0.98% at $9474.5mt last evening the low-end of $9412/mt and the high-end of $9495/mt. Trading volume stood at 27,000 lots. Open interest stood at 334,000 lots. The most active SHFE 2406 copper contract prices opened at 76460 yuan/mt and finished at 76710 yuan/mt last evening, down 0.51%, with the low-end of 76310 yuan/mt and the high-end of 76740 yuan/mt. Trading volume was 49,000 lots, and open interest stood at 198,000 lots. 

 

Aluminum - Overnight, the most-traded SHFE 2406 aluminum contract opened at 20,185 yuan/mt, with high and low at 20,390 yuan/mt and 20,165 yuan/mt before closing at 20,325 yuan/mt, down 90 yuan/mt or 0.44%. LME aluminum opened at $2,555/mt in the previous trading day, with its high and low at $2,569/mt and $2,517/mt respectively before closing at $2,559.5/mt, up $11/mt or 0.43%.

 

Lead - LME lead opened at $2176/mt overnight and fell by 1.15% to close at $2147.5/mt with highest at $2191/mt and the lowest point at $2141/mt. The most traded SHFE 2406 lead contract opened at 16940 yuan/mt and fell 0.39% to close at 16890 yuan/mt briefly hitting a high point at 17115 yuan/mt and the lowest point at 16855 yuan/mt.

 

Zinc - Overnight, LME zinc opened at $2777/mt, hitting a low and high of $2707/mt and $2781/mt respectively, and closed at $2758.5/mt, down $16.5/mt or 0.59%. Trading volume decreased to 12853 lots, and open interest decreased 3463 lots to 250,000 lots. The most interest-traded SHFE 2406 zinc contract opened at 22280 yuan/mt overnight and fell to 22245 yuan/mt before rallying to a peak of 22565 yuan/mt. It eventually settled at 22485 yuan/mt, up 15 yuan/mt or 0.07%. Trading volume decreased to 113,000 lots, and open interest fell by 1206 lots to 122,000 lots.

 

Nickel - On Tuesday, the most-traded SHFE nickel contract opened at 138,250 yuan/mt, and closed at 134,540 yuan/mt, down 4,700 yuan/mt compared with the last trading day. Trading volume fell by 61,178 lots to 279,670 lots, and open interest decreased by 8,552 lots to 57,583 lots.

 

Tin - SHFE 2405 tin contract moved rangebound overnight, closing at 254,020 yuan/mt, down 0.94%.


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