SMM Morning Comments

Category:-Metal | 11-Sep-2024 10:42 PM

Copper - Last night, LME copper opened at $9,068/mt, initially reaching a high of $9,086/mt before descending throughout the session, hitting a low of $8,983/mt mid-session, then slightly rebounding towards the close to finish at $9,019/mt, a decline of 0.85%. Trading volume reached 15,000 lots, and open interest was 281,000 lots. Overnight, the most-traded SHFE copper 2410 contract opened and peaked at 72,870 yuan/mt, initially dropped to a low of 72,250 yuan/mt, then fluctuated rangebound, and finally closed at 72,510 yuan/mt, down 0.47%. Trading volume reached 45,000 lots, and open interest was 155,000 lots.

Aluminum -  The most-traded SHFE aluminum 2410 contract opened at 19,350 yuan/mt overnight, reaching a peak of 19,385 yuan/mt and a low of 19,275 yuan/mt, and closed at 19,310 yuan/mt, down 80 yuan/mt (-0.41%). On Tuesday, LME aluminum opened at $2,364/mt, with a high of $2,375/mt and a low of $2,332.5/mt, closing at $2,342/mt, down $20.5/mt (-0.87%).

Lead - Overnight, LME lead opened at $1,952.5/mt. In the Asian session, it fluctuated downward to $1,949/mt. Entering the European session, it rose to a high of $1,967.5/mt before declining again, closing at $1,955/mt, down $3/mt, a decrease of 0.15%. Overnight, the most-traded SHFE lead 2410 contract opened at 16,410 yuan/mt, initially declining to 16,345 yuan/mt before rebounding to a high of 16,545 yuan/mt. It eventually closed at 16,415 yuan/mt, up 40 yuan/mt, an increase of 0.24%.

Zinc - Overnight, LME zinc opened at $2,736/mt. During the morning session, LME zinc fluctuated narrowly around the daily average line, peaking at $2,740/mt at the beginning of the session. It then rapidly declined by midday, fluctuating near $2,695/mt and dipping to a low of $2,679/mt during the period. By the end of the session, LME zinc slightly recovered to near the daily average line, ultimately closing at $2,707/mt, a decrease of $24.5/mt or 0.90%. The trading volume decreased to 9,889 lots, and open interest increased by 2,521 lots to 235,000 lots. Overnight, the most-traded SHFE zinc 2410 contract opened at 22,760 yuan/mt. After the opening, SHFE zinc briefly declined to a low of 22,565 yuan/mt. It then rebounded from the low, reaching a high of 22,820 yuan/mt, and subsequently maintained a fluctuating trend above the daily average line, ultimately closing at 22,725 yuan/mt, a decrease of 65 yuan/mt or 0.29%. The trading volume increased to 103,000 lots, and open interest increased by 1,423 lots to 89,021 lots.

Nickel - On September 10, Jinchuan nickel was quoted at a premium of 1,700-1,900 yuan/mt, with an average of 1,800 yuan/mt, up 100 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 300 yuan/mt to a premium of 100 yuan/mt, with an average discount of 200 yuan/mt, up 50 yuan/mt from the previous trading day.


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