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Mar.28.2024 1USD=7.0948RMB
  SteelHome >>Nonferrous Metals>>Market Info>>Daily Express
 
Commentary on Shanghai Nonferrous Metals Market on September 15, 2021

https://en.steelhome.com [SteelHome] 2021-09-16 09:50:07

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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.


(To contact the reporter on this story: tina.tong@steelhome.cn or 86-21-50585733 15800777957)
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