SMM Morning Comments

Category:-Metal | 24-May-2024 10:01 AM

Copper - Overnight, LME copper opened at $10,330/mt, initially dipped to a low of $10,330/mt, then fluctuated upwards, reaching a high of $10,508/mt during the session, before falling back to close at $10,359/mt, with a decline of 0.36%. Trading volume reached 30,000 lots, and open interest reached 348,000 lots. Overnight, the most-traded SHFE copper contract opened at 83,610 yuan/mt, initially peaked at 84,380 yuan/mt, then fluctuated downwards, reaching a low of 83,450 yuan/mt during the session, before closing at 83,620 yuan/mt, with a decline of 0.39%. Trading volume reached 90,000 lots, and open interest reached 210,000 lots.

Aluminum - Overnight, the most-traded SHFE 2407 aluminum contract opened at 20,770 yuan/mt, reached a high of 20,960 yuan/mt, a low of 20,770 yuan/mt, and closed at 20,910 yuan/mt, up 130 yuan/mt, an increase of 0.63%. On the previous trading day, LME aluminum opened at $2,638/mt, reached a high of $2,645.5/mt, a low of $2,586.5/mt, and closed at $2,614/mt, down $26.5/mt, a decrease of 1%.

Lead - In the overnight session yesterday, the SHFE 2406 tin contract closed at 271,750 yuan/mt, down 1,640 yuan/mt, a decrease of 0.6%, with a high of 274,460 yuan/mt and a low of 270,600 yuan/mt.

Zinc - Overnight, LME zinc opened at $3,056.5/mt, initially fell to a low of $3,011/mt, then rebounded, reaching a high of $3,088/mt, and eventually closing down at $3,052.5/mt, down $4.5/mt, or 0.15%. Trading volume decreased to 9,043 lots, and open interest decreased by 5,829 lots to 236,000 lots. Overnight, the most-traded SHFE zinc 2407 contract opened at 24,455 yuan/mt. Initially, increased long positions drove SHFE zinc up to a high of 24,710 yuan/mt, then it dipped to a low of 24,450 yuan/mt, eventually closing up at 24,565 yuan/mt, up 90 yuan/mt, or 0.37%. Trading volume decreased to 118,000 lots, and open interest increased by 1,348 lots to 123,000 lots.

Nickel - On May 23, Jinchuan nickel was at a premium of 1,000-1,200 yuan/mt, with an average of 1,100 yuan/mt, up 400 yuan/mt from the previous trading day. Russian nickel was at a discount of 300 to 600 yuan/mt, with an average of 450 yuan/mt, flat compared to the previous trading day.

Tin - In the overnight session yesterday, the SHFE 2406 tin contract closed at 271,750 yuan/mt, down 1,640 yuan/mt, a decrease of 0.6%, with a high of 274,460 yuan/mt and a low of 270,600 yuan/mt.


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