Hot News

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  Supplier quotes rebound, spot alumina prices stop falling [SMM Alumina Morning Comment]

• The market expects the Section 232 investigation to be postponed, with LME copper briefly touching a high of $10,000/mt [SMM Copper Morning Meeting Summary]

  SMM Morning Meeting Summary: Overnight, LME copper opened at $9,927/mt, surging straight up in the early session to hit an intraday high of $10,000/mt, before fluctuating upward throughout the session. It pulled back towards the end of the session, hitting an intraday low of $9,917.5/mt, and finally closed at $9,943/mt, up 0.66%. Trading volume reached 22,000 lots, and open interest reached 284,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 80,620 yuan/mt, hitting an intraday high of 80,930 yuan/mt in the early session, before fluctuating downward throughout the session. It hit an intraday low of 80,320 yuan/mt towards the end of the session, and finally closed at 80,390 yuan/mt after consolidating horizontally, up 0.46%. Trading volume reached 54,000 lots, and open interest reached 223,000 lots.

• The center of overnight cast aluminum alloy prices moved up again, with sluggish spot cargo transactions [SMM morning comment on cast aluminum alloy]

  [SMM Morning Comment on Cast Aluminum Alloy: The center of cast aluminum price moved up again overnight, with sluggish spot cargo transactions] Aluminum prices remained stable on Tuesday, with limited fluctuations in the raw material end of ADC12. Most mainstream quotations in the market remained unchanged, and the SMM ADC12 price range held steady at 20,000-20,200 yuan/mt, but actual transactions were sluggish. Entering July, the lack of growth in downstream orders will continue to suppress the upside room for ADC12 prices. However, the firm cost support will form a floor for prices.

• The supply-demand relationship of stainless steel still needs to be improved, and the nickel price center may move downward [SMM Nickel Morning Meeting Summary]

  [7.2 Morning Meeting Minutes] Affected by the general rise in non-ferrous metals and the rebound from oversold conditions, LME nickel prices rebounded. Overall, the immediate production cost of nickel salts has increased. Supply side, some nickel salt smelters halted production for maintenance due to losses, while others maintained stable quotes. Demand side, precursor plants showed reduced enthusiasm for inquiries due to weak demand. This week, market transactions and inquiry activity remained at a low level.

• India conducts cobalt and copper exploration in Zambia