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November 22, 2020

SMM Evening Comments (Nov 20): Nonferrous metals on the SHFE rose for the most part, lead soared 5.08%

SHANGHAI, Nov 20 (SMM) – SHFE nonferrous metals increased broadly on Friday November 20. Lead, the best performer, soared 5.08% to lead the gains, copper rose 1.36%, aluminium added 0.98%, zinc jumped 2.71% and nickel advanced 0.51%, while tin shed 1.28%.


Copper: The most-traded SHFE 2101 copper contract rose 1.36% on the day to end at 53,520 yuan/mt, with open interest rising 19,000 lots to 139,000 lots.

US Republicans and Democrats agreed to revive negotiations on a new round of coronavirus relief package. European Central Bank President Christine Lagarde promised to release strong monetary policies in December and urge European governments to take anti-virus measures. In addition, the US dollar index, which tracks the greenback against a basket of it's peers, dipped to around 92.2, which supported copper prices to some extent. However, US initial claims for unemployment benefits in the week ended November 14 rebounded to 742,000 due to the deteriorating pandemic in the country, indicating a slowed recovery in the labour market. Whether the contract could maintain it's upward trend tonight will be monitored.


Aluminium: The most-traded SHFE 2012 aluminium contract closed the day 0.98% higher at 15,960 yuan/mt, with trading volume falling 60,628 lots to 114,000 lots. The contract may likely to break above the 16,000 yuan/mt mark next week.


Zinc: The most-liquid SHFE 2101 zinc contract jumped 2.71% to end the day at 21,200 yuan/mt after hitting its highest in 2020 at 21,250 yuan/mt earlier in the session, with open interest rising 20,722 lots to 96,750 lots. The contract is expected to remain at high levels tonight.


Nickel: The most-active SHFE 2102 nickel contract ended the day 0.51% higher at 116,900 yuan/mt, with open interest falling 2,283 lots to 146,755 lots. The contract is expected to trade between 115,000-120,000 yuan/mt next week.


Lead: The most-traded SHFE 2101 lead contract soared 5.08% to finish the day at 15,320 yuan/mt, with trading volume increasing 26,041 lots to 48,972 lots. Roads in Inner Mongolia blocked by snowstorms and environmental restrictions in north China stocked worries about lead supply, which boosted lead prices. However, downstream consumption remained weak and discounts of secondary lead expanded. Whether the contract could stay above 15,300 yuan/mt tonight will be monitored.


Tin: The most-active SHFE 2101 tin contract declined 1.28% on the day to close at 146,750 yuan/mt, with open interest decreasing 2,838 lots to 33,788 lots, and is likely to move between 145,000-148,500 yuan/mt tonight.

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