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LIVE FUTURES REPORT 26/12: SHFE aluminium down amid concerns over rising inventories; copper up as stocks fall--2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
12/26/2017 Copper exhibition -non-ferrous metals expo |
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LIVE FUTURES REPORT 26/12: SHFE aluminium down amid concerns over rising inventories; copper up as stocks fall
The three-month aluminium price on the Shanghai Futures Exchange (SHFE) fell during Asian morning trading hours on Tuesday December 26 amid concerns over stock levels in 2018.
The most-traded SHFE February aluminium contract price decreased 180 yuan - or 1.2% - to 14,535 yuan ($2,222) per tonne as of 10.00am Shanghai time, as market participants fretted over the likelihood of excessively high aluminium inventories in the first half of 2018.
¡°Chinese domestic aluminium stocks will remain above 1.8 million tonnes in the dirst quarter of 2018. Even in the second quarter - the traditionally high consumption season - inventories are unlikely to fall much,¡± China¡¯s Minmetals Jingyi Futures said.
¡°In addition, the anti-dumping measures from the United States have influenced China¡¯s aluminium exports, which is also negative for reducing the levels of stocks,¡± according to Galaxy futures daily report.
The most-traded February copper contract on the SHFE stood at 54,760 yuan per tonne, up 60 yuan - or 0.1% - from the previous session¡¯s close.
¡°Supply of scrap copper remains tight, which adds to the demand for refined copper and that is making [refined copper] stocks fall,¡± according to China¡¯s Minmetals Jingyi Futures.
During the week ended Friday December 22, SHFE copper stocks fell by 1,918 tonnes, or 1.3%, over the previous week to 140,211 tonnes.
Lead and nickel down, zinc and tin up
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The SHFE February lead contract price fell by 105 yuan to 19,020 yuan per tonne, down 0.5% compared with its previous closing price.
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¡°Demand in the physical market is weak, and that has also influenced the futures market,¡± according to a lead trader in Shanghai.
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The SHFE May nickel contract price decreased 230 yuan, or 0.2%, to 94,830 yuan per tonne.
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The SHFE February zinc contract price was slightly up 125 yuan, or 0.5%, to 25,425 yuan per tonne.
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The SHFE January tin contract price gained 590 yuan, or 0.4%, to 138,790 yuan per tonne.
Currency moves and data releases
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The dollar index was up by 0.02% at 93.26 as of 10.46am Shanghai time.
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In equities, the Shanghai Composite was up 0.03% to 3,281.53.
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In data out today, US S&P composite-20 HPI and Richmond manufacturing Index numbers are due later.
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SHFE snapshot at 1000 Shanghai time
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Most traded SHFE contracts
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Price (yuan/t)
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Change since yesterday''s close (yuan)
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Copper (February)
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54760
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60
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Aluminium(February)
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14535
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-180
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Zinc(February)
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25425
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125
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Lead(February)
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19020
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-105
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Tin (January)
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138790
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590
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Nickel (May)
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94830
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-230
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