SMM Morning Comments

Category:-Metal | 15-Oct-2024 10:32 PM

Copper - LME copper opened at $9,697/mt overnight, initially fluctuated lower to $9,626/mt, and then surged to $9,734/mt before declining to close at $9,648/mt, down 1.58%. Trading volume reached 19,000 lots, and open interest was 291,000 lots. The most-traded SHFE copper 2411 contract opened at 77,010 yuan/mt, dipped to 76,710 yuan/mt, then rose to 77,330 yuan/mt, and finally closed at 77,090 yuan/mt, down 0.55%. Trading volume was 37,000 lots, and open interest was 157,000 lots.

Aluminum - Overnight, the most-traded SHFE aluminum 2411 contract opened at 20,780 yuan/mt, reaching a high of 20,815 yuan/mt and a low of 20,705 yuan/mt, closing at 20,800 yuan/mt, down 80 yuan/mt, a decrease of 0.38%. On Monday, LME aluminum opened at $2,600.5/mt, with a high of $2,604/mt and a low of $2,597/mt, closing at $2,604/mt, up $8/mt, an increase of 0.31%.

Lead - Overnight, LME lead opened at $2,086/mt, briefly touching a high of $2,095.5/mt during the Asian session. As the US dollar index strengthened, base metals broadly declined in the European session, with bears increasing positions, causing LME lead to plunge to a low of $2,046/mt. It rebounded slightly at the close, ending at $2,072.5/mt, down 1.31%. Overnight, the most-traded SHFE lead 2411 contract opened at 16,520 yuan/mt, briefly touching a high of 16,575 yuan/mt at the start of trading. It fluctuated around 16,520 yuan/mt at the close, ending at 16,510 yuan/mt, down 1.61%.

Zinc - Overnight, LME zinc opened at $3,120/mt, initially fluctuating to a high of $3,142/mt, then slowly declining to a low of $3,040/mt during the night session, and slightly rebounding to near the daily average line at the close, ending down at $3,094.5/mt, a decrease of $61.5/mt, or 1.95%. Trading volume increased to 13,671 lots, and open interest rose by 960 lots to 263,000 lots. Overnight, the most-traded SHFE zinc 2411 contract opened at 25,035 yuan/mt, fluctuating around the daily average line after the opening, dipping to 24,890 yuan/mt, then slightly rising above the daily average line, peaking at 25,145 yuan/mt at the close, ending down at 25,135 yuan/mt, a decrease of 200 yuan/mt, or 0.79%. Trading volume decreased to 88,395 lots, and open interest decreased by 2,265 lots to 115,000 lots.

Nickel - On October 14, Jinchuan nickel was quoted at a premium of 1,400-1,500 yuan/mt, with an average price of 1,450 yuan/mt, down 50 yuan/mt from the previous trading day. Norilsk nickel was quoted at a discount of 400-200 yuan/mt, with an average of 300 yuan/mt, unchanged from the previous trading day.


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