Copper - Last week, copper prices trended lower, but downstream consumption did not show a significant rebound. Only in the last two days of the week, when copper prices dropped significantly, did consumption improve somewhat. However, overall shipments were still lower-than-expected and below last month's level. Overall consumption last week still lacked end-use support. Some copper cathode rod makers indicated that infrastructure projects in parts of Jiangsu and Zhejiang had reduced operations, with only automotive wire orders performing well.
Zinc - Last Friday, LME zinc opened at $3,059/mt. After a brief dip to $3,033/mt at the beginning of the session, it followed the daily moving average and climbed stepwise, with the night session seeing its center of gravity shift to $3,085/mt. During this period, it reached a high of $3,096/mt and finally closed up at $3,089/mt, an increase of $45/mt or 1.48%. Trading volume decreased to 8,488 lots, and open interest increased by 700 mt to 253,000 lots. Last Friday, the most-traded SHFE zinc 2411 contract opened at 25,200 yuan/mt. After quickly reaching a high of 25,250 yuan/mt at the beginning of the session, its center of gravity shifted below the daily moving average, with attempts to break above failing. It finally closed down at 25,160 yuan/mt, an increase of 190 yuan/mt or 0.76%. Trading volume decreased to 59,136 lots, and open interest decreased by 848 lots to 93,177 lots.
Lead - Last Friday, LME lead opened at $2,069/mt. During the Asian session, the market was quiet, and LME lead consolidated between $2,060-2,070/mt. Entering the European session, the trading range shifted upward to $2,070-2,080/mt, maintaining a box-shaped fluctuation throughout the day, and finally closed at $2,070/mt, up 0.07%. Last Friday, the most-traded SHFE lead 2411 contract opened at 16,805 yuan/mt. During the session, there was a stalemate between bulls and bears, and SHFE lead fluctuated upward, mostly oscillating between 16,700-16,800 yuan/mt, and finally closed at 16,800 yuan/mt, up 0.93%. The open interest was 34,492 lots, a decrease of 1,524 lots from the previous trading day.
Aluminum - Last Friday night, the most-traded SHFE aluminum 2412 contract opened at 20,735 yuan/mt, reaching a high of 20,750 yuan/mt and a low of 20,650 yuan/mt, closing at 20,720 yuan/mt, up 155 yuan/mt from the previous close, an increase of 0.75%. On Friday, LME aluminum opened at $2,560/mt, reaching a high of $2,616/mt and a low of $2,548/mt, closing at $2,613.5/mt, up $56/mt, an increase of 2.19%.
Nickel - Last week, after a slight increase, refined nickel prices continued to decline, falling back below 130,000 yuan/mt. As the favorable macro sentiment was gradually digested by the market, nickel prices declined. From a fundamental perspective, last week's main hot topic focused on the release of Indonesia's RKAB quota, with a quota of 16 million wmt being released. Although it is difficult to bring a significant increase in nickel ore supply, it undoubtedly gave the market a boost, reinforcing the relatively optimistic outlook for nickel ore supply for the rest of the year. Therefore, SMM believes that nickel prices may see a turning point in the future.