SMM Morning Comments

Category:-Metal | 21-Jun-2024 09:26 AM

Copper - Overnight, LME copper opened at $9,801/mt, hit a session low of $9,777/mt at the beginning, then fluctuated upwards to a session high of $9,889/mt at the end of the trading session, and finally closed at $9,883.5/mt, with open interest at 320,000 lots. Overnight, the most-traded SHFE copper contract (2408) opened at RMB 79,670/mt, rose to a session high of RMB 80,530/mt at the beginning, then consolidated, and finally closed at RMB 80,390/mt, up 0.92%, with trading volume at 53,000 lots and open interest at 165,000 lots.

Aluminum - Overnight, the most-traded SHFE 2408 aluminum contract opened at 20,595 yuan/mt, reaching a high of 20,630 yuan/mt and a low of 20,550 yuan/mt, and closed at 20,630 yuan/mt, up 35 yuan/mt, an increase of 0.17%. The previous trading day, LME aluminum opened at $2,493 /mt, reached a high of $2,525.5/mt and a low of $2,491/mt, and closed at $2,521/mt, up $31.5/mt, an increase of 1.27%.

Zinc - Overnight, LME zinc opened at $2,860/mt, fluctuated around the daily moving average at the beginning, then quickly fell to a low of $2,831/mt, rebounded and rose to a session high of $2,888.5/mt, and finally closed up at $2,868.5/mt, up $3/mt, or 0.1%, with trading volume reduced to 5,232 lots and open interest reduced by 1,078 lots to 231,000 lots. Overnight, the most-traded SHFE zinc contract (2408) opened at RMB 23,840/mt, fell to a low of RMB 23,790/mt at the beginning, then fluctuated upwards to a session high of RMB 24,000/mt, and finally closed up at RMB 23,980/mt, up RMB 140/mt, or 0.59%, with trading volume reduced to 73,571 lots and open interest increased by 1,712 lots to 94,522 lots.

Nickel - On June 20, Jinchuan nickel was at a premium of 2,700-3,000 yuan/mt, with an average of 2,850 yuan/mt, down 50 yuan/mt compared to the previous trading day. Russian nickel was at a discount of 300 yuan/mt to a premium of 100 yuan/mt, with an average discount up 50 yuan/mt to 100 yuan/mt.


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