SMM Morning Comments

Category:-Metal | 27-May-2024 10:01 AM

Copper - Last Friday evening, LME copper opened at $10,382/mt, hitting a session low of $10,316.5/mt before closing at $10,334/mt, a decrease of 0.24%. Trading volume reached 16,000 lots, and open interest was 348,000 lots. Last Friday evening, the most-traded SHFE copper contract opened at ¥83,750/mt. It initially rose to ¥84,170/mt before fluctuating widely, then declined to a session low of ¥83,450/mt before consolidating and closing at ¥83,490/mt, a decrease of 0.44%. Trading volume reached 50,000 lots, and open interest was 208,000 lots.

Aluminum - On last Friday night, the most-traded SHFE 2407 aluminum contract opened at 20,975 yuan/mt, reaching a high of 21,085 yuan/mt and a low of 20,930 yuan/mt, and closed at 21,015 yuan/mt, up 125 yuan/mt or 0.6%. The previous trading day, LME aluminum opened at $2,608.5/mt, reached a high of $2,675/mt and a low of $2,603/mt, and closed at $2,658/mt, up $36.5/mt or 1.39%.

Lead - Last Friday, LME lead opened at $2,300/mt. Entering the European session, it fell to a low of $2,275/mt, then rebounded to a high of $2,305/mt, supported by a weaker US dollar index, and closed at this level, up $9.5/mt or 0.41%. Due to the UK Spring Bank Holiday, LME lead was closed on Monday. Last Friday evening, the most-traded SHFE lead contract opened at ¥18,475/mt, reading a high of ¥18,565/mt. 

Zinc - Last Friday, LME zinc opened at $3,046.5/mt. During the European session, profit-taking by bulls led to a decline to $3,039/mt. During the night session, bulls pushed LME zinc to a high of $3,095.5/mt before it slightly fell back to consolidate around $3,055/mt, closing at $3,058.5/mt, up $6/mt or 0.2%. Trading volume decreased to 6,876 lots, and open interest increased by 402 lots to 236,000 lots.

Nickel - Last week, SHFE nickel prices generally rose before falling back, with the highest price breaking through 160,000 yuan/mt, and then closing at 152,780 yuan/mt last Friday. Overall, nickel prices ran strong, mainly driven by positive macro sentiment and also affected by the updated progress of Indonesian RKAB approval under market expectations, with disclosed figures matching SMM's research.

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