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China's November antimony trioxide exports rise significantly month-on-month 【SMM data】
China's November antimony trioxide exports rise significantly month-on-month
[SMM Magnesium Morning Meeting Minutes: Strong Reluctance to Sell in Magnesium Market, Downstream Restocking Drives Prices Higher] Overall review of the magnesium market this week: This week, the entry of magnesium powder and foreign trade orders for procurement depleted the inventory of small primary magnesium smelters. The primary magnesium inventory in the main production areas showed a pattern of inventory buildup at large plants and zero inventory at small plants, which effectively reduced the resistance to the rise in magnesium prices.
China's antimony oxide exports in November rose significantly MoM [SMM data]
[SMM Aluminum Morning Meeting Minutes: SHFE and LME Aluminum Prices Strengthen in Sync, Insufficient Fundamental Support Awaits Observation] Overall, from a macro perspective, the market needs to monitor the pace of interest rate hikes in Japan and its impact on the decline in aluminum prices. Domestically, fundamentals currently struggle to provide strong support for a sustained rise in aluminum prices, with end-use demand remaining weak and the proportion of liquid aluminum consequently declining. Subsequent attention should focus on changes in operating aluminum. Downstream processing enterprises continue to show weak sentiment in spot cargo procurement, and spot premiums continue to widen. With improved shipments from Xinjiang and an increase in transit inventory, social inventory is expected to accumulate this week, putting pressure on price support levels.
SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $11,787/mt, initially touched a low of $11,785.5/mt, then copper prices gradually rose to a high of $11,928/mt, subsequently fluctuated rangebound and finally closed at $11,870.5/mt, up 1.22%, with trading volume reaching 19,400 lots and open interest reaching 342,000 lots. On Friday evening, the most-traded SHFE copper contract 2602 opened at 93,540 yuan/mt, initially touched a high of 94,120 yuan/mt, then copper prices moved down to a low of 93,410 yuan/mt, subsequently fluctuated rangebound and finally closed at 93,560 yuan/mt, up 0.91%, with trading volume reaching 86,000 lots and open interest reaching 240,000 lots.
