SMM Morning Comments

Category:-Metal | 23-Jul-2024 08:46 AM

Copper - Overnight, LME copper opened and peaked at $9,269/mt, hitting a low of $9,172/mt during the session, and closed at $9,230/mt, down 0.58%. Trading volume reached 23,000 lots, and open interest reached 301,000 lots. Overnight, the most-traded SHFE 2409 copper contract opened at 75,390 yuan/mt, peaking at 75,530 yuan/mt in the early session, then declining to a low of 75,170 yuan/mt, and closed at 75,510 yuan/mt, down 0.93%. Trading volume reached 49,000 lots, and open interest reached 182,000 lots.

Aluminum -  Overnight, the most-traded SHFE aluminum 2409 contract opened at 19,360 yuan/mt, reaching a high of 19,400 yuan/mt and a low of 19,300 yuan/mt, and closed at 19,360 yuan/mt, down 90 yuan/mt, a decrease of 0.46%. The previous trading day, LME aluminum opened at $2,345/mt, reached a high of $2,364.5/mt, a low of $2,296/mt, and closed at $2,314.5/mt, down $35.5/mt, a decrease of 1.51%.

Lead - Overnight, LME lead opened at $2,127/mt and continued the weakness from the previous trading day, with the trading focus shifting downward throughout the day. Especially during the European session, LME lead inventory increased by nearly 1,000 mt, and LME lead expanded the decline, falling below $2,100/mt, reaching a low of $2,080/mt, the lowest since April 3, 2024, until it finally closed at $2,087.5/mt, down 1.6%. Overnight, the most-traded SHFE 2409 lead contract opened at 19,030 yuan/mt, with intensifying expectations of domestic supply resumption. Bears entered the market in large numbers, causing SHFE lead to plummet significantly. SHFE lead at one point fell below 19,000 yuan/mt, reaching a low of 18,970 yuan/mt. By the night session, some bears exited after taking profits, and SHFE lead returned to above 19,000 yuan/mt, finally closing at 19,040 yuan/mt, down 1.27%. The open interest reached 120,000 lots, an increase of 6,979 lots from the previous trading day.

Zinc - Overnight, LME zinc opened at $2,784/mt. At the beginning of the session, LME zinc fluctuated near the average daily line, reaching a high of $2,800/mt. During the European trading hours, bulls reduced their positions, causing LME zinc to decline, hitting a low of $2,712/mt during the night session. It then rebounded to around $2,730/mt and consolidated, eventually closing lower at $2,734.5/mt, down $39.5/mt or 1.42%. Trading volume increased to 15,468 lots, and open interest decreased by 846 lots to 222,000 lots. Overnight, the most-traded SHFE zinc 2409 contract opened at 23,130 yuan/mt, hitting the intraday low at the opening. Subsequently, shorts reduced their positions, causing SHFE zinc to rise, reaching a high of 23,350 yuan/mt at the end of the trading session. It eventually closed lower at 23,325 yuan/mt, down 105 yuan/mt or 0.45%. Trading volume decreased to 88,782 lots, and open interest increased by 843 lots to 96,341 lots.

Nickel - On July 22, Jinchuan nickel was at a premium of 1,900-2,000 yuan/mt, with an average of 1,950 yuan/mt, an increase of 250 yuan/mt compared to the previous trading day. Norilsk nickel was quoted at a premium of 0-100 yuan/mt, with an average of 50 yuan/mt, an increase of 50 yuan/mt compared to the previous trading day.

Tin - In the night session yesterday, the most-traded SHFE tin contract closed at 250,990 yuan/mt, down 7,010 yuan/mt, a decrease of 2.72%, with a high of 253,580 yuan/mt and a low of 249,600 yuan/mt.


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