SMM Morning Comments

Category:-Metal | 09-Oct-2024 09:51 PM

Copper - Overnight, LME copper opened at $9,748/mt, initially fluctuated upward to a high of $9,817/mt, then declined to a low of $9,729/mt, and finally slightly rebounded to close at $9,758/mt, a decrease of 1.95%. Trading volume reached 30,000 lots, and open interest reached 300,000 lots. Overnight, the most-traded SHFE copper 2411 contract opened at 77,520 yuan/mt, initially peaked at 77,780 yuan/mt, then fluctuated downward to a low of 77,230 yuan/mt, and finally rebounded to close at 77,510 yuan/mt, a decrease of 0.91%. Trading volume reached 35,000 lots, and open interest reached 163,000 lots.

Aluminum - Futures market: Overnight, the most-traded SHFE aluminum 2411 contract opened at 20,600 yuan/mt, with a high of 20,625 yuan/mt and a low of 20,505 yuan/mt, and closed at 20,550 yuan/mt, down 145 yuan/mt, a decrease of 0.7%. Yesterday, LME aluminum opened at $2,655.5/mt, reached a high of $2,664.5/mt, a low of $2,564.5/mt, and closed at $2,570.5/mt, down $84/mt, a decrease of 3.17%.

Lead - Overnight, LME lead opened at $2,151/mt, briefly touched a high of $2,156/mt, then fluctuated downward to a low of $2,085/mt, and slightly rebounded to close at $2,106/mt, down $47/mt, a decrease of 2.18%. Overnight, the most-traded SHFE lead 2411 contract opened at 16,825 yuan/mt, briefly touched a high of 16,945 yuan/mt, then fluctuated downward to a low of 16,740 yuan/mt, later rebounded above the daily moving average, and finally closed at 16,900 yuan/mt, down 65 yuan/mt, a decrease of 0.38%.

Zinc - Overnight, LME zinc opened at $3,173/mt. Initially, it briefly rose to $3,190.5/mt, but then shorts increased their positions, causing LME zinc to fluctuate downward, reaching a low of $3,066.5/mt during the night session. It eventually closed down at $3,076.5/mt, a decrease of $103.5/mt, or 3.25%. Trading volume increased to 15,828 lots, and open interest rose by 1,147 lots to 261,000 lots. Overnight, the most-traded SHFE zinc 2411 contract opened at 25,360 yuan/mt. Initially, it briefly touched 25,365 yuan/mt, but then shorts increased their positions, causing SHFE zinc to fluctuate downward, reaching a low of 25,045 yuan/mt before slightly correcting upwards. It eventually closed down at 25,160 yuan/mt, a decrease of 125 yuan/mt, or 0.49%. Trading volume decreased to 75,422 lots, and open interest increased by 806 lots to 117,000 lots. 

Nickel - On October 8, Jinchuan nickel was quoted at a premium of 1,300-1,500 yuan/mt, with an average of 1,400 yuan/mt, unchanged from the previous trading day. Norilsk nickel was quoted at a discount of 500-200 yuan/mt, with an average of 350 yuan/mt, up 50 yuan/mt from the previous trading day. October 8, the first day after the holiday, saw the futures market open high, boosted by sentiment, but later retreated. Nickel briquette prices were 134,400-135,100 yuan/mt, up 3,400 yuan/mt from the previous day.


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