ShreeMetalPrices: Metal Prices in SHFE Ended Neutral but Remains under pressure over Fed Rate Hike & US Inflation Data


Non-ferrous metals in Shanghai finished day trading signals neutral. While 239,000 jobs were predicted to be added to United States non-farm payrolls in March.

However, 236K were actually added, and the jobless rate decreased marginally to 3.6 percent. The yearly rate of average hourly earnings. Which has drawn a lot of attention, was 4.2 percent (the expected value was 4.3 percent), pointing to a little chillier American labour market.

The likelihood that the Federal open market committee will keep raising rates at its May meeting increased to 70 percent, according to the CME’s “Federal Reserve Watch Tool.”

Due to the delivery of the copper from the Shanghai Futures Exchange 2304, spot premiums today tended to drift downward. The front-month & next-month contracts’ backwardation structures considerably extended and decreased the premiums & some dealers lowered their prices to replenish their inventories. The premiums virtually increase throughout the copper Shanghai Futures Exchange 2304 delivery cycle.

Although United States non-farm payrolls fell past Friday night, jobless rate statistics revealed that the labour market was resilient, heightening anticipation that the Federal Reserve will increase interest rates. In the 2nd qtr, it is anticipat that domestic aluminium supply would continue to increase.

It is important to pay close attention to how the Yunnan power supply situation develops. According to Shree Metal Prices, there won’t be much of a change in Yunnan’s working aluminium capability in the near future. The inventory of aluminium ingots is anticipat to continue its destocking cycle, while demand is still anticipat to increase. Prices for alumi Shanghai Futures Exchange 23.

• Tin

The Shanghai futures exchange lead fluctuated today. The insufficient market supply caused spot holders to hike their prices.

The downstream businesses were on a wait-and-see attitude and cautiously replenished. On account of purchasers’ strict demand, some items covered by long-term contracts were exchange. And trading of modest orders was typical.On a stabilised macro front, the most-traded Shanghai

Shanghai futures exchange 2305 tin finished at 191,260 yuan/metric tonnes, down 5,150 yuan/metric tonne or 2.62 percent. To 59,305 lots, there were 4,207 more lots open for interest.

• Zinc

In Shanghai Future Exchange zinc prices increased by 45 yuan/metric tonnes or 0.20 percent to 22,130 yuan/metric tonnes on the Shanghai futures exchange 2305 metal exchange. 1,289 less lots were open, bringing the total to 104,744 lots.

The spots were often sold at premiums of 5 yuan/metric tonnes over the average price today as zinc prices remained unstable. Due to low inventory, merchants were less inclined to ship at low prices, while downstream industries only restocked in response to rigid demand because they did so previous week.

• Nickel

Shanghai futures exchange 2305 nickel finished at 178,530 yuan/metric tonnes, up 1,500 yuan/metric tonnes or 0.85 percent. At 75,938 lots, the open interest decreased by 7,813 lots.

On April 10, premiums for Jinchuan nickel ranged from 8,500 to 9,000 yuan/metric tonnes, with the average premium remaining unchanged from the prior trading day at 8,750 yuan/metric tonnes.

A premium of 7,500–8,000 yuan/metric tonnes for NORNICKEL nickel was offer, with an average premium of 7,750 yuan/metric tonnes—a decrease of 250 yuan/metric tonnes from the previous day. The gap between the front-month and following-month contracts for the shanghai futures exchange did not close today.

Despite the decline in futures prices in early trading, the prices of nickel from NORNICKEL remained high. Prices for nickel briquettes ranged between 180,700 & 181,200 yuan/metric tonnes, a 400 yuan/metric tonnes decrease from the prior trading day. While it was still being traded at a premium to nickel sulphate, business was slow.

Shanghai futures exchange 2305 lead finished at 15,320 yuan/mt, up 25 yuan/metric tonnes or 0.16 percent. 1,279 less lots were open, bringing the total to 50,013 lots.

• Lead

Aluminium finished at 18,615 yuan/mt, lower 25 yuan/metric tonnes or 0.13 percent. To 201,697 lots, the open interest decreased by 1,968 lots.