SMM Morning Comments

Category:-Metal | 27-Nov-2024 10:07 PM

Copper - LME copper opened at $9,019.5/mt overnight, initially rose slightly to $9,072.5/mt, then fluctuated downward, hitting a low of $8,950.5/mt near the close, and finally settled at $8,962.5/mt, down 0.9%. Trading volume reached 19,000 lots, and open interest was 269,000 lots. The most-traded SHFE copper 2501 contract opened at 74,020 yuan/mt overnight, initially peaked at 74,310 yuan/mt, then declined to a low of 73,670 yuan/mt during the session, and finally consolidated sideways to close at 73,760 yuan/mt, down 0.14%. Trading volume reached 29,000 lots, and open interest was 151,000 lots. 

Aluminum - Futures: The most-traded SHFE aluminum 2501 contract opened at 20,560 yuan/mt overnight, reaching a high of 20,615 yuan/mt and a low of 20,505 yuan/mt, closing at 20,540 yuan/mt, down 60 yuan/mt from the previous day, a decline of 0.29%. Yesterday, LME aluminum opened at $2,643/mt, hitting a high of $2,643.5/mt and a low of $2,600.5/mt, closing at $2,609/mt, down $38.5/mt, a decline of 1.45%.

Lead - Overnight, LME lead opened with a gap at $2,017.5/mt, fluctuated rangebound during the Asian session, dipped to $2,005/mt in the European session, then rebounded to $2,035.5/mt, and finally pulled back to close at $2,010/mt, down 0.62%. Overnight, the most-traded SHFE lead 2501 contract opened at 17,220 yuan/mt, briefly touched a low of 17,195 yuan/mt at the beginning of the session, then fluctuated around 17,240 yuan/mt, and finally closed at 17,235 yuan/mt, up 0.26%, marking a four-day winning streak.

Zinc - Overnight, LME zinc opened at $3,007/mt. At the beginning of the session, LME zinc fluctuated upward above the daily average line. Near midday, it fluctuated downward below the daily average line. During European trading hours, LME zinc quickly moved upward, fluctuating around $3,080/mt, peaking at $3,095.5/mt. By the end of the session, LME zinc slightly declined, fluctuating around the daily average line, and finally closed up at $3,065/mt, an increase of $45/mt or 1.45%. Trading volume increased to 117,000 lots, and open interest increased by 86 lots to 245,000 lots. Overnight, the most-traded SHFE zinc 2501 contract opened at 25,425 yuan/mt. At the opening, SHFE zinc hit a low of 25,385 yuan/mt. Subsequently, bulls increased their positions, pushing SHFE zinc center upward to fluctuate rangebound near the daily average line, peaking at 25,620 yuan/mt. It finally closed up at 25,520 yuan/mt, an increase of 345 yuan/mt or 1.37%. Trading volume decreased to 103,000 lots, and open interest increased by 15,963 lots to 141,000 lots.

Nickel - Futures market: On November 26, following a 1.29% increase during the night session to 128,710 yuan/mt, the most-traded SHFE nickel contract opened lower and experienced wide fluctuations, closing at 128,460 yuan/mt, up 1,390 yuan/mt, an increase of 1.09%. Open interest shifted and overall decreased.


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