SMM Morning Comments

Category:-Metal | 23-Apr-2024 09:43 AM

Copper - Overnight, LME copper opened at $9,908/mt and rose to $9,988/mt, but then fell to $9,805/mt before closing at $9,853/mt. Trading volume was 30,000 lots and open interest stood at 335,000 lots, down 0.22%. The most-traded SHFE 2406 copper contract opened at 79,710 yuan/mt, and rose to 79,730 yuan/mt, but dipped to 78,910 yuan/mt before closing at 79,340 yuan/mt. Trading volume was 78,000 lots and open interest stood at 205,000 lots, down 0.92%.

Aluminum - Overnight, the most-traded SHFE 2406 aluminum contract opened at 20,500 yuan/mt, with high and low at 20,605 yuan/mt and 20,455 yuan/mt before closing at 20,530 yuan/mt, down 45 yuan/mt or 0.22%. LME aluminum opened at $2,661/mt yesterday, with its high and low at $2,688/mt and $2,648.5/mt respectively before closing at $2,658/mt, down $2.5/mt or 0.09%.

Lead - LME lead opened at $2,212.5/mt on Monday and fell to $2,155.5/mt before closing at $2,160/mt, down 2.44%. The most-traded SHFE 2406 lead contract opened at 16,880 yuan/mt, after falling to 16,780 yuan/mt, it rose to a high point at 16,910 yuan/mt before closing down 2.52% at 16,840 yuan/mt.

Zinc - Overnight, LME zinc opened at $2,852/mt, and rose to $2,873/mt, but then fell back to $2,801.5/mt before closing at $2826.5/mt, down $24.5/mt or 0.86%. Trading volume fell to 9,698 lots, and open interest increased by 2,545 lots to 243,000 lots. Overnight, the most-traded SHFE 2406 zinc contract fell to 22,355 yuan/mt after opening at 22,450 yuan/mt, but then rose to 22,680 yuan/mt before closing at 22,590 yuan/mt, down 140 yuan/mt or 0.62%. Trading volume decreased to 97,676 lots, and open interest decreased by 3,174 lots to 119,000 lots.

Nickel - On Monday, the most-traded SHFE nickel contract opened at 143,400 yuan/mt, and closed at 143,580 yuan/mt, up 2,670 yuan/mt compared with the last trading day. Trading volume rose 238,462 lots to 428,973 lots, and open interest increased by 60,732 lots to 106,773 lots.

Tin - Overnight, SHFE 2405 tin contract fell sharply, closing at 271,150 yuan/mt, down 2.52%.


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