- 0086(21)62671680
- 62671061
- sales@hyssgroup.com
- Language
On Wednesday, September 11, a three-month tin contract rose in price on the London Metal Exchange to its highest value since June 21. During the session, tin futures reached a maximum of $ 17,750 per ton, having risen more than 12% since falling to a 4-year low of $ 15,565 per ton on August 27. The LME tin trading volume was moderately high - by the end of the session 340 lots had been sold - the most significant since September 6th.
Quotations of tin prices have become a growing trend after China announced last week plans to reduce its production in factories as a method of counteracting weak metal prices, while the market expects an increase in its use in the production of lithium-ion batteries, which may support demand on tin, reported the International Tin Association.
“The demand for tin from the electronics sector is starting to slow down due to macroeconomic problems. Global semiconductor sales were down 15.5% year-on-year in July 2019, according to the Association of Semiconductor Manufacturers, said analyst James Moore. “The semiconductor sales are projected to fall by 13.3% based on the results of the whole of 2019, before they begin to grow again in 2020.”
Nickel price quotes went from a daily maximum of $ 18,200 per tonne to $ 17,850 per tonne amid sales in the second half of the session.
At the morning auction in Shanghai on September 12, the value of non-ferrous metals changed slightly against the backdrop of a decrease in the activity of traders on the eve of the Mid-Autumn Festival, which starts on Friday. Although most of the metals on ShFE began to move upward on the news that US President Donald Trump agreed to postpone a new increase in import duties on Chinese goods until mid-October, a stronger dollar limited the dynamics of quotations.
The copper contract for November delivery went up by 20 yuan (+ 0.04%) per tonne to 47310 yuan ($ 6646) per tonne. "This" thaw "in US-China trade relations seems to be gaining momentum on the eve of negotiations in October, says Jeffrey Holly, senior analyst at Oanda Trading. “This early gift for celebrating the 70th anniversary of the PRC on October 1 followed the statement by the Chinese authorities that the PRC will withdraw a number of American goods from the taxation scheme.”
Meanwhile, premiums to the price of cathode copper in Shanghai rose to a 9-month high ($ 70-85 per ton), which, analysts say, may support copper futures quotes. “Given the market factors, we believe that the price of copper should strengthen in the last months of the year, as the relative shortage of refined copper should begin to emerge more and more on the market,” says analyst Boris Mikanikrezai. - In the short term, the key to the situation will be macroeconomic factors. But the preponderance of short speculative positions on the exchange makes us think that the rally caused by short coverings is more likely to happen in the near future than not. ”
Meanwhile, nickel and zinc prices fell at ShFE in the morning trading, reflecting the growth of dollar quotes on the eve and the general consolidation of prices after their growth.
The operational summary of the site Metaltorg.ru on metal prices on leading world exchanges at 11:07 Moscow time. 09/12/19:
on LME (cash): aluminum - $ 1797.75 per ton, copper - $ 5858.75 per ton, lead - $ 2088.5 per ton, nickel - $ 18387 per ton, tin - $ 17641 per ton, zinc - $ 2,371 per ton;
on LME (3-month contract): aluminum - $ 1825 per ton, copper - $ 5892.5 per ton, lead - $ 2092 per ton, nickel - $ 18285 per ton, tin - $ 17575 per ton, zinc - $ 2366.5 per ton;
on ShFE (September September delivery): aluminum - $ 2043 per ton, copper - $ 6686.5 per ton, lead - $ 2439 per ton, nickel - $ 20717 per ton, tin - $ 20,021.5 per ton, zinc - $ 2,703.5 per t (including 17% VAT);
at ShFE (delivery November 2019): aluminum - $ 2027.5 per ton, copper - $ 6674 per ton, lead - $ 2420 per ton, nickel - $ 20339 per ton, tin - $ 20183 per ton, zinc - $ 2704.5 per ton ( including 17% VAT);
at NYMEX (delivery September 2019): copper - $ 5842 per ton;
at NYMEX (delivery December 2019): copper - $ 5867.5 per ton.
