Early comments on non-ferrous metals copper, aluminum, zinc, lead, tin and nickel on March 9, 2021
Copper price
The United States strengthened its confidence in economic recovery through the bailout bill. The LME copper fluctuated overnight and closed up by US$30. The growth of China's copper imports showed strong demand. The traditional peak consumption season is approaching. Today, copper materials are rising.
| Contract | BID (US$ / TONNE) | OFFER (US$ / TONNE)* |
|---|---|---|
| Cash | 8992.50 | 8992.50 |
| 3-months | 8971.00 | 8971.00 |
| Dec 22 | 8705.50 | 8705.50 |
* LME Official Settlement Price = cash offer
Source: LME
Aluminum price
The US dollar index rose to a high in more than three months. Lun Aluminum was under pressure to close down by US$11 overnight. The high price affected downstream companies' resumption of work. However, there are still expectations for destocking in the peak season. It is expected that the current aluminum will not rise or fall much today.
Zinc price:
Due to the approval of the US stimulus plan, zinc bottomed out overnight and closed up 0.54%. Due to raw material constraints, the maintenance volume of smelting enterprises increased in March. Zinc consumption has shown signs of recovery, and zinc may rise today.
Source: LME Aluminum
Lead price
The U.S. dollar continued to rise higher, and the LME lead oscillated weakly overnight and closed down 0.62%. The supply of raw materials was gradually loosened. Regenerated lead companies continued to increase production. The demand for renewal of car batteries was general. Lead may now decline slightly.
Tin price
Tight global tin ore supply still supported prices. Lun Tin opened low and went high and closed up 0.52% overnight; inventories in the two markets rebounded, Shanghai tin stocks hit a high level in nearly three and a half years, market transactions are limited, and tin is expected to fall slightly today.
Nickel price
The economic recovery in the United States boosted the demand for the metal market. Nickel continued to close up slightly by 0.03% overnight; the news of Qingshan high ice nickel reshapes the supply and demand expectations of the nickel market. The price of stainless steel is sluggish, and nickel has limited ups and downs today.
