SMM Morning Comments

Category:-Metal | 25-Jun-2024 09:22 AM

Copper - Overnight, LME copper opened at $9,673/mt, reaching a high of $9,728/mt, then touching a low of $9,640.5/mt, and finally closed at $9,644/mt, down 0.37%. Trading volume reached 14,000 lots, and open interest reached 323,000 lots. Overnight, the most-traded SHFE copper 2408 contract opened at 78,740 yuan/mt, reaching a high of 78,340 yuan/mt, then touching a low of 79,130 yuan/mt, and finally closed at 78,800 yuan/mt, up 0.04%. Trading volume reached 35,000 lots, and open interest reached 171,000 lots.

Aluminum - Overnight, the most-traded SHFE aluminum contract 2408 opened at 20,395 yuan/mt, reaching a high of 20,470 yuan/mt and a low of 20,330 yuan/mt, and closed at 20,350 yuan/mt, down 45 yuan/mt, a decrease of 0.22%. The previous trading day, LME aluminum opened at $2,510.5/mt, hit a high of $2,531/mt and a low of $2,495.5/mt, and closed at $2,497.5/mt, down $16/mt, a decrease of 0.64%.

Lead - Overnight, LME lead opened at $2,187.5/mt. With overseas lead inventories declining, it touched a high of $2,201.5/mt during the Asian session before fluctuating around the daily moving average. Entering the European session, LME lead rose slightly before plunging to a low of $2,161/mt, and closed at $2,163/mt, down by 1.05%. Overnight, the most-traded SHFE lead 2408 contract opened at 18,890 yuan/mt. Initially, it rose to a high of 18,970 yuan/mt due to declining domestic and overseas lead inventories, but later, dragged down by the decline in LME lead, it plunged to a low of 18,820 yuan/mt, and closed at 18,845 yuan/mt, up by 0%.

Zinc - Overnight, LME zinc opened at $2,854.5/mt, dipping to $2,831/mt, then reaching a high of $2,886.5/mt, and closed at $2,846.5/mt, down $11.5/mt or 0.4%. Trading volume increased to 6,192 lots, and open interest decreased by 490 lots to 231,000 lots. Overnight, LME zinc recorded a small bearish candlestick, with the 60-day moving average forming resistance above and the 10-day moving average providing support below. Overnight, the most-traded SHFE zinc 2408 contract opened at 23,805 yuan/mt, reaching a high of 23,920 yuan/mt, then dropping to around 23,575 yuan/mt, and eventually closed at 23,585 yuan/mt, down 185 yuan/mt or 0.78%. Trading volume decreased to 92,590 lots, and open interest increased by 1,470 lots to 93,510 lots.

Nickel - On June 24, Jinchuan nickel was at a premium of 2,300-2,700 yuan/mt, with an average of 2,500 yuan/mt, flat compared to the previous trading day. Russian nickel was at a discount of 200 yuan/mt to a premium of 100 yuan/mt, with an average discount up 50 yuan/mt to 50 yuan/mt. In the morning, the market fluctuated at recent lows.

Tin - Last night, the most-traded SHFE tin futures contract closed at 272,360 yuan/mt, down 320 yuan/mt, a decrease of 0.12%. The highest price was 275,580 yuan/mt, and the lowest was 271,200 yuan/mt.


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