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SHMET Spot Market Briefing 8 March 2010, Monday
Copper
Chinas spot Copper is quoted between RMB 59300 and 59600 per tonne, up RMB 550, with trading from RMB 350 to 200 contango. As far as we know, copper price is primarily driven by the domestic consumption market and USD moves. While the sentiment is boomed by the consumption, people have an optimistic perspective on market.
Although the strong season is coming, the real peak for demand is between March and May. Therefore the demand from buyers was thin. We estimated that the copper price would keep consolidating in the form of balance between two sides. A trader said to SHMET.
Data released on Fridays by the Shanghai Futures Exchange showed that copper stocks declined 858 tonnes to 148620, which pressured the market a lot. Thus we reckoned that recently the price would not be higher. The transaction was moderate, and we sold about 200 tonnages today. Another trader said to SHMET.
Aluminum
Chinas spot Aluminum is quoted from RMB 16260 and 16300 per tonne, inching up RMB 60, with trading from RMB 225 to 215 contango. The recent bearish factor is ample supply-side with further gains in Chinese inventories. However, the bullish factors are economic recovery and extended motor purchasing policy. On the whole, both two sides have balanced the aluminum prices. I expected the price will track the rest of complex in the coming days.
Though the strong consumption season is coming, the demand has not recovered resulting in weak trading activity. Most mills are readying access upon use. We have sold nearly 500 tonnages. A Shanghai-based trader said to SHMET.
Currently the SHFE Aluminum performed very weak, with some weight coming from the upper MA. We get the feeling that the domestic aluminum prices will gain some ground after the London aluminum has started to break out to the upside. There is a similar signal for SHFE Aluminum today.
Lead
Chinese spot Lead is quoted between RMB 15700 and 15900 per tonne, up RMB 100 per tonne. The LME Lead went up due to the positive data from Two Conferences, better-than-expected Greek financial dealing issues and non farm payroll figures last Friday. The spot lead moved higher with the LME lead by RMB 100 per tonne. The sales is still poor on the whole, and let's wait and see the market conditions this week.
" The market news is always nice these two days, it should have a good effect on the stable lead price." Some lead trader said to SHMET.
"In fact, we have sold the goods less than RMB 17750 per tonne today. The downstream is unwilling to purchasing the goods if we quote the price higher." Another trader said to SHMET.
Zinc
Shanghai spot 0#Znic is quoted between RMB 18300 and 18400 per tonne, up RMB 500 per tonne, with trading from RMB 630 to 530 contango. 1#Znic is quoted between RMB 18250 and 18350 per tonne, up RMB 500 per tonne, with trading from RMB 680 to 580 contango. The strong seasonals support is still remaining. The copper continued to lead the way, contributing to stronger zinc prices. In terms of spot market, despite some improvement in trading conditions the total volume of transaction is still not very active. In our view, the uptrend momentum remains.
Its unsurprised to see some gains in zinc prices. The stronger prices were boosted by the last week bullish figures, but the spot market remains thin. A spot trader said to SHMET in the AM session.
The market will be more bullish over coming days. The market is in well-supplied conditions, just waiting for consumers. The volume of shipment today reached 100 tonnes, better than last week. Another trader told SHMET.
Tin
Chinas spot Tin is quoted between RMB 141500 and 142500 per tonne, flat. Yunnan Tin is quoted around RMB 142500 per tonne, while other products are quoted at RMB 141500 per tonne. With higher quote and lower offer，the circulation of the spot market supply is limited. Traders were rather cautiouswith higher prices, there was no enquiring and with lower prices, they would worry about stocks.
We just sold 1 ton of Yun Tin in the AM session, around RMB 143000 per tonne. Since the price moved higher, the volume of transaction continued narrowing. Circulation on the market was thin so that little downside momentum was seen. A trader said to SHMET.
Recently the transaction of products on the second or third line was pretty good, while some higher-grade producers prices are too high and unwilling to sell right now. Because of lower prices, many traders and fabricators preferred to buying cargoes from small workshops. Another trader said to SHMET.
Nickel
Chinas spot Nickel is quoted from RMB 160000 to 161000 per tonne, tumbling RMB 1000. In spite of robust LME Nickel, China market moved lower. Due to the recent higher nickel prices, investors had strong shipment willing. The supply side of the nickel market is ample but the consumption is rather weak with lackluster buying sentiment. Most of traders are doing business on SHFE/LME arbitrage, and the morning session saw weak transaction. The market activity began to be active after LME slightly higher.
We sold over 30 tonnes of Jinchuan Nickel at 161000 yuan per tonne, not active. We also sold some Russia Nickel and at the same time bought some Jinchuan Nickel. A trader in Shanghai said to SHMET.
We sold Jinchuan Nickel at 161000 yuan. We got no enquiry in the morning, but some buyers emerged after the LME inched up. Another local trader told SHMET.
SHMET Spot Market Briefing 8 March 2010, Monday
Copper
Chinas spot Copper is quoted between RMB 59300 and 59600 per tonne, up RMB 550, with trading from RMB 350 to 200 contango. As far as we know, copper price is primarily driven by the domestic consumption market and USD moves. While the sentiment is boomed by the consumption, people have an optimistic perspective on market.
Although the strong season is coming, the real peak for demand is between March and May. Therefore the demand from buyers was thin. We estimated that the copper price would keep consolidating in the form of balance between two sides. A trader said to SHMET.
Data released on Fridays by the Shanghai Futures Exchange showed that copper stocks declined 858 tonnes to 148620, which pressured the market a lot. Thus we reckoned that recently the price would not be higher. The transaction was moderate, and we sold about 200 tonnages today. Another trader said to SHMET.
Aluminum
Chinas spot Aluminum is quoted from RMB 16260 and 16300 per tonne, inching up RMB 60, with trading from RMB 225 to 215 contango. The recent bearish factor is ample supply-side with further gains in Chinese inventories. However, the bullish factors are economic recovery and extended motor purchasing policy. On the whole, both two sides have balanced the aluminum prices. I expected the price will track the rest of complex in the coming days.
Though the strong consumption season is coming, the demand has not recovered resulting in weak trading activity. Most mills are readying access upon use. We have sold nearly 500 tonnages. A Shanghai-based trader said to SHMET.
Currently the SHFE Aluminum performed very weak, with some weight coming from the upper MA. We get the feeling that the domestic aluminum prices will gain some ground after the London aluminum has started to break out to the upside. There is a similar signal for SHFE Aluminum today.
Lead
Chinese spot Lead is quoted between RMB 15700 and 15900 per tonne, up RMB 100 per tonne. The LME Lead went up due to the positive data from Two Conferences, better-than-expected Greek financial dealing issues and non farm payroll figures last Friday. The spot lead moved higher with the LME lead by RMB 100 per tonne. The sales is still poor on the whole, and let's wait and see the market conditions this week.
" The market news is always nice these two days, it should have a good effect on the stable lead price." Some lead trader said to SHMET.
"In fact, we have sold the goods less than RMB 17750 per tonne today. The downstream is unwilling to purchasing the goods if we quote the price higher." Another trader said to SHMET.
Zinc
Shanghai spot 0#Znic is quoted between RMB 18300 and 18400 per tonne, up RMB 500 per tonne, with trading from RMB 630 to 530 contango. 1#Znic is quoted between RMB 18250 and 18350 per tonne, up RMB 500 per tonne, with trading from RMB 680 to 580 contango. The strong seasonals support is still remaining. The copper continued to lead the way, contributing to stronger zinc prices. In terms of spot market, despite some improvement in trading conditions the total volume of transaction is still not very active. In our view, the uptrend momentum remains.
Its unsurprised to see some gains in zinc prices. The stronger prices were boosted by the last week bullish figures, but the spot market remains thin. A spot trader said to SHMET in the AM session.
The market will be more bullish over coming days. The market is in well-supplied conditions, just waiting for consumers. The volume of shipment today reached 100 tonnes, better than last week. Another trader told SHMET.
Tin
Chinas spot Tin is quoted between RMB 141500 and 142500 per tonne, flat. Yunnan Tin is quoted around RMB 142500 per tonne, while other products are quoted at RMB 141500 per tonne. With higher quote and lower offer，the circulation of the spot market supply is limited. Traders were rather cautiouswith higher prices, there was no enquiring and with lower prices, they would worry about stocks.
We just sold 1 ton of Yun Tin in the AM session, around RMB 143000 per tonne. Since the price moved higher, the volume of transaction continued narrowing. Circulation on the market was thin so that little downside momentum was seen. A trader said to SHMET.
Recently the transaction of products on the second or third line was pretty good, while some higher-grade producers prices are too high and unwilling to sell right now. Because of lower prices, many traders and fabricators preferred to buying cargoes from small workshops. Another trader said to SHMET.
Nickel
Chinas spot Nickel is quoted from RMB 160000 to 161000 per tonne, tumbling RMB 1000. In spite of robust LME Nickel, China market moved lower. Due to the recent higher nickel prices, investors had strong shipment willing. The supply side of the nickel market is ample but the consumption is rather weak with lackluster buying sentiment. Most of traders are doing business on SHFE/LME arbitrage, and the morning session saw weak transaction. The market activity began to be active after LME slightly higher.
We sold over 30 tonnes of Jinchuan Nickel at 161000 yuan per tonne, not active. We also sold some Russia Nickel and at the same time bought some Jinchuan Nickel. A trader in Shanghai said to SHMET.
We sold Jinchuan Nickel at 161000 yuan. We got no enquiry in the morning, but some buyers emerged after the LME inched up. Another local trader told SHMET.
