SMM Morning Comments

Category:-Metal | 17-Dec-2024 10:34 PM

Copper - Overnight, LME copper opened at $9,053/mt, initially dipped to a low of $9,032/mt, and then climbed steadily to an intraday high of $9,109.5/mt. It subsequently fluctuated downward, consolidated at the end of the session, and finally closed at $9,065/mt, up 0.09%. Trading volume reached 14,000 lots, and open interest stood at 270,000 lots. Overnight, the most-traded SHFE copper 2501 contract opened lower at 74,440 yuan/mt, rose to a high of 74,860 yuan/mt in early trading, then fluctuated downward, consolidated at the end of the session, and finally closed at 74,640 yuan/mt, up 0.23%. Trading volume reached 18,000 lots, and open interest stood at 137,000 lots. 

Aluminum - Overnight, the most-traded SHFE aluminum 2502 contract opened at 20,170 yuan/mt, reached a high of 20,205 yuan/mt, a low of 20,115 yuan/mt, and closed at 20,140 yuan/mt, down 75 yuan/mt or 0.37% from the previous day. On Monday, LME aluminum opened at $2,614/mt, hit a high of $2,615.5/mt, a low of $2,559.5/mt, and closed at $2,564.5/mt, down $50.5/mt or 1.93%.

Lead- Overnight, LME lead opened at $2,012/mt and fluctuated rangebound during the Asian session. Entering the European session, LME lead rebounded to a high of $2,023.5/mt due to a weaker US dollar index. However, with increased short positions, LME lead plunged during late trading and closed at a low of $1,995/mt, down 0.92%. Overnight, the most-traded SHFE lead 2501 contract opened at 17,470 yuan/mt, briefly touched a high of 17,550 yuan/mt in early trading, but was dragged down by LME lead decline. Longs reduced positions, and SHFE lead fell to 17,390 yuan/mt before closing at 17,395 yuan/mt, up 0.2%.

Zinc - Overnight, LME zinc opened at $3,086/mt, briefly touched a high of $3,100.5/mt in early trading before its center slightly dipped and fluctuated around the daily moving average. During the night session, longs reduced positions and exited, causing LME zinc to fluctuate downward, with its center shifting to around $3,050/mt. It hit a low of $3,044.5/mt during the session and eventually closed down at $3,046/mt, a decrease of $43.5/mt or 1.41%. Trading volume decreased to 7,332 lots, and open interest fell by 631 lots to 233,000 lots. Overnight, the most-traded SHFE zinc 2502 contract opened at 25,520 yuan/mt. In early trading, SHFE zinc fluctuated around the daily moving average before reaching a high of 25,580 yuan/mt. However, shorts launched high-level attacks, causing SHFE zinc to decline throughout the session. By the end of trading, its center shifted downward to 25,400 yuan/mt, and it closed at an intraday low of 25,380 yuan/mt, down 175 yuan/mt or 0.68%. Trading volume decreased to 32,633 lots, while open interest increased by 3,283 lots to 124,000 lots.


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