Copper: The
mostly-traded copper contract closed at 69810 yuan per ton, a drop of 0.73
percent or 510 yuan per ton. In physical market, 1# electrolyzed copper
was quoted at 69580-70140 yuan per ton, with the average one at 69860 yuan
per ton. The price fell by 660 yuan from the prior trading day or 30-200
yuan higher than 2109 futures contract.
The weakness in
economic indicators in August may cause the demand for positive monetary
policy, making the expectation for policy and fluidity the keys for
pushing up prices.
The market walks
into booming season when upward trend will keep in spite of correction.
Aluminum: Aluminum
futures contract, the mostly-traded one, closed at 22495 yuan per ton, a
drop of 1.25 percent or 285 yuan per ton. The spot price of aluminum ingot
in Shanghai was 22150-22190 yuan per ton. The average price, 22170 yuan
per ton, fell by 710 yuan per ton and reported 50-100 yuan lower than 2109
futures contract.
The policy to
secure supply and stabile price, requested by Politburo, clamed prices of
commodities. However there were positive factors, such as production
cutbacks in major producing bases, and the holdingback of oxidized
aluminum.
Nickel: Mostly-traded
nickel futures contract closed at 146870 yuan per ton, down 0.18 percent
or 270 yuan per ton. In spot market, nickel price fell by 1000 yuan to
146800-147700 yuan per ton. The spot market was 1050 yuan higher than 2109
futures contract, or even 1800 yuan per ton higher than 2110 futures
contract traded in Shanghai.
The US dollar
appreciation badly hit metal products. Philippine will see rainy season in
October, with the supply tension of nickel.
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