SMM Morning Comments

Category:-Metal | 25-Sep-2024 09:30 PM

Copper -  Overnight, LME copper opened at $9,749.5/mt, initially dipping to $9,724/mt, then climbing steadily to a high of $9,825/mt near the close, finally settling at $9,821/mt, up 2.92%. Trading volume reached 35,000 lots, and open interest was 280,000 lots. Overnight, the most-traded SHFE copper contract 2410 opened at and hit a low of 77,060 yuan/mt, then rose to a high of 77,500 yuan/mt during the session, and consolidated at the end to close at 77,360 yuan/mt, up 1.36%. Trading volume reached 21,000 lots, and open interest was 95,000 lots.

Aluminum - Overnight, the most-traded SHFE aluminum 2411 contract opened at 20,065 yuan/mt, reaching a high of 20,170 yuan/mt and a low of 20,035 yuan/mt, closing at 20,105 yuan/mt, up 200 yuan/mt, an increase of 1%. LME aluminum opened the previous trading day at $2,489/mt, with a high of $2,568/mt and a low of $2,483/mt, closing at $2,554/mt, up $68/mt, an increase of 2.73%.

Lead - Overnight, LME lead opened at $2,054.5/mt. Against the backdrop of lead ingot destocking, coupled with favorable Chinese macro policies, the overall operating focus of LME lead gradually shifted upward, reaching a peak of $2,094.5/mt during the session. By the close, LME lead slightly retreated, finally settling at $2,080.5/mt, up 1.44%. Overnight, the most-traded SHFE lead 2410 contract opened higher at 16,750 yuan/mt. After the opening, SHFE lead's gains slightly receded, but domestic macro policy continued to ferment, with SHFE lead fluctuating upward, reaching 16,780 yuan/mt, a one-week high. By the close, SHFE lead finally settled at 16,660 yuan/mt, up 0.24%. The open interest was 21,191 lots, down 2,023 lots from the previous trading day.

Zinc - Overnight, LME zinc opened at $2,886/mt, initially dipped to a low of $2,879/mt, then fluctuated upward above the daily average. During European trading, a tug-of-war between longs and shorts led LME zinc slightly below the daily average, but with increased long positions, it quickly rose to around $2,986/mt. In the night session, LME zinc maintained its upward trend, peaking at $3,014/mt, and closed up at $3,010.5/mt, a rise of $125.5/mt or 4.35%. Trading volume increased to 84,146 lots, and open interest rose by 1,802 lots to 239,000 lots. Overnight, the most-traded SHFE zinc 2411 contract opened with a gap at 24,150 yuan/mt, initially dipped to 24,090 yuan/mt, then with increased long positions, it rose above the daily average to a high of 24,520 yuan/mt. By the end of the session, profit-taking by longs led SHFE zinc to slightly decline to 24,470 yuan/mt, fluctuating rangebound, and it closed up at 24,475 yuan/mt, a rise of 465 yuan/mt or 1.94%. Trading volume decreased to 98,500 lots, and open interest increased by 4,365 lots to 113,000 lots.

Nickel - On September 24, Jinchuan nickel was quoted at a premium of 1,700-1,800 yuan/mt, with an average of 1,750 yuan/mt, remaining unchanged from the previous trading day. Norilsk nickel was quoted at a discount of 350-100 yuan/mt, with an average of 225 yuan/mt, down 25 yuan/mt from the previous trading day. 


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