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Over the weekend, the commodity markets have calmed down somewhat. And a stabilizing trend can already be seen on the LME. Also at the SHFE it has calmed down further and a flattening tendency in the price decline of the base metals can be seen.  

Stainless Espresso: Calming on LME and SHFE over the weekend
Stainless Espresso: Calming on LME and SHFE over the weekend

The status on LME and SHFE on Monday morning 

Nonferrous metals on both the SHFE and LME trended mostly lower Monday morning as data showed a strong comeback from the service sector in Europe. Indeed, there was a global recovery in demand after a prolonged shutdown, benefiting companies that reopened their doors to customers worldwide.  

Shanghai base metals closed mostly lower in overnight trading. Copper fell 1.21%, lead lost 0.38%, nickel fell 2.35% and aluminum lost 0.11%, while zinc was unchanged and tin gained 0.47%.  

The LME complex showed a similar trend on Friday. Nickel plunged 2.44% and led the losses, copper fell 1.46%, lead weakened 0.95%, aluminum fell 0.69% and tin slipped 0.57%, while zinc rose 0.2%.  

Copper prices on LME and SHFE 

Three-month LME copper fell 1.07% to close at $9,901/mt last Friday and is likely to trade between $9,800-9,900/mt today.  

The most active SHFE 2107 copper contract fell 0.53% to close at 71,780 yuan/mt in overnight trading, and is expected to range between 71,000-71,500 yuan/mt today, while spot premiums are seen at 180-60 yuan/mt. 

Aluminum prices on LME and SHFE 

The three-month LME aluminum price rose 0.32% on Friday to close at $2,379.5/mt. It is expected to fluctuate between $2,250-2,350/mt today. 

The most liquid SHFE 2107 aluminum contract fell 0.11% to 18,745 yuan/mt on Friday evening and is expected to trade between 17,800-18,200 yuan/mt today. 

Zinc prices on LME and SHFE 

Three-month LME zinc rose 0.08% to close at $2,965.5/mt last Friday. Zinc stocks in LME-listed warehouses rose by 625 mt to 285,175 mt.  

The most liquid SHFE 2107 zinc contract rose 0.02% to end at 22,395 yuan/mt in overnight trading. 

Nickel prices on LME and SHFE 

The most active SHFE 2107 nickel contract fell 2.21% to close at 123,390 yuan/mt last Friday. Open interest increased by 2,552 lots to 114,000 lots. 

Lead prices on LME and SHFE 

The three-month LME lead contract closed 0.85% lower at $2,196/mt last Friday. The contract will test the support of the 10-day moving average today. 

The most active SHFE 2107 lead contract declined 0.35% to close at 15,620 yuan/mt on Friday evening. Changes in domestic spot lead bullion stocks and support at 15,600 yuan/mt will be watched today. 

Tin prices on LME and SHFE 

Three-month LME tin closed 0.24% lower at $29,580/mt last Friday.  

The most liquid SHFE 2107 tin contract fell 0.31% to 196,670 yuan/mt on Friday evening. 

Source: lme.com, shfe.com.cn

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