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SHFE nickel rose 1.51% in the morning
2020-8-31

Aug 31 (LTIT) –This morning, the non-ferrous metals market was mixed. As of the close at noon, the price of SHFE nickel rose 1.51%, copper rose 0.68%, tin rose 0.58%, zinc rose 0.08%, aluminum fell 0.14%, and lead fell 0.19%.

 

Aluminum: Global trading sentiment is relatively sensitive due to the current epidemic. Please pay attention to the changes in the number of confirmed cases in Europe and the United States, macroeconomic data, and possible economic stimulus measures introduced by various countries. In terms of domestic fundamentals, the current inventory accumulation is not as good as expected, and the aluminum stock is still below 800,000 tons. With the recovery of consumption from September to October, a second de-stocking may be possible. The short-term aluminum price is expected to be moderate and strong, with limited downside space. Pay attention to the actual feedback of consumption in September, changes in inventory growth and capital operation.

 

In terms of tin, the price of tin is bullish in the short term from the macro, fundamental and technical aspects. In the medium term, we must always pay attention to Sino-US relations and foreign epidemic control from a macro perspective. This will ultimately affect the source of tin ore and export volume, and the ease of relaxation will support tin prices to some extent. It is expected that within 2-3 months, there will be certain supply support below the tin price. In terms of demand, preliminary research shows that the solder industry’s output in August increased slightly compared to July, which is related to the industry’s traditional peak season. The chemical industry is affected by foreign trade, and some companies have reduced production. As solder accounts for a large proportion of the downstream demand for tin, overall, downstream demand is expected to increase slightly in September and October.

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