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The copper prices on both the Shanghai Futures Exchange (SHFE) and London Metal Exchange touched their respective ten-year highs on April 27, though the market fundamentals in China was not as strong, Mysteel Global noted from the market sources.
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Domestic lead prices across China increased last week, as some end-users opted to replenish stocks before the Labour Day holiday over May 1-5, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s national average price of zinc ingot (99.995% at least) reversed down by Yuan 411/tonne ($63.2/t) on week to Yuan 21,729/t including the 13% VAT as of April 23, according to Mymetal’s assessment. Zn prices have been floating around the Yuan 21,500-22,500/t level for the past two months. Mymetal is Mysteel’s market intelligence unit for nonferrous metals.
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China’s domestic aluminum price continued to strengthen over the April 19-23 week amid improved demand from end-users, with the price of 99.7% aluminum ingot climbing by Yuan 107/tonne ($16.5/t) on week to Yuan 18,193/t including the 13% VAT as of April 23, refreshing the 9.5-year high, according to Mymetal’s assessment.
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China’s price of 99.99% grade copper cathode assessed by Mymetal, Mysteel’s nonferrous metals market research unit, increased by a significant Yuan 3,297/tonne ($507/t) on week to Yuan 68,928/t including the 13% VAT as of April 20, mainly reflecting declines in stocks and the potential for declines in production.
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Production of both primary and secondary lead across China declined last week, as more smelters opted to begin maintenance stoppages rather than produce at a loss, according to the latest surveys from Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s national average price of zinc ingot (99.995% at least) stood at Yuan 22,166/tonne ($3,410/t) including the 13% VAT as of April 19, reversing up by Yuan 236/t on week. The price of the metal has been hovering around Yuan 21,500-22,500/t since late February on generally balanced supply and demand, market watchers said.
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China’s national average price of zinc ingot (99.995% at least) reversed down by Yuan 373/tonne ($57/t) on week to Yuan 21,760/t including the 13% VAT as of April 14. Although the price has softened slightly, it continues to have strong support from reduced supply, according to Mymetal, Mysteel’s data collection arm for non-ferrous products.
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China’s price of 99.99% grade copper cathode, as assessed by Mymetal, decreased by Yuan 1,475/tonne ($225.7/t) on week to Yuan 65,631/t including the 13% VAT as of April 13. Mymetal is Mysteel’s nonferrous metals market research unit. Yet despite the dip, market watchers believe that Q2 demand will be firm and that prices should still be supported.
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Domestic lead prices across China dipped during the April 6-12 week as demand for both primary and secondary lead showed no sign of recovery, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s domestic aluminium price has been rangebound at high levels, which has dampened the end-users’ procurement enthusiasm and social stocks, thus, inched down merely 2% on week as of April 12, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s price of 99.7% aluminum ingot climbed further by Yuan 192/tonne ($29.4/t) on week to Yuan 17,483/t including the 13% VAT as of April 6, according to Mymetal’s assessment, amid gradually improving demand.
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China’s price for 99.99% grade copper cathode strengthened by Yuan 863/tonne ($132/t) on week to reach Yuan 67,106/t including the 13% VAT as of April 6, according to Mymetal’s assessment. That domestic copper prices have hovered around the same high level since mid-February has restrained demand for the metal, however, market insiders say.
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China’s domestic lead demand yet showed any obvious improvement over March 31-April 6, and the national price of the primary lead ingot (at least 99.994%), bent to the weight, down Yuan 379/tonne ($58/t) on week to Yuan 14,888/t including the 13% VAT as of April 6, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s national average price of zinc ingot (99.995% at least) rebounded after the Qingming Festival over April 3-5, up Yuan 471/tonne ($72/t) from April 2 to Yuan 22,140/t including the 13% VAT as of April 6, according to Mymetal’s assessment, or still persisting at a two-year high, partly due to the supply tightness in zinc concentrate.
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Lead futures prices on China’s Shanghai Futures Exchange (SHFE) spiked on Monday in marked contrast to the performance of other major non-ferrous metals contracts on the exchange, notably by copper and aluminum, which fell the same day. The lead prices moved up mainly because of concerns about reduced availability, according to Mymetal, Mysteel’s non-ferrous market intelligence unit.
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China’s price of 99.7% aluminum ingot increased Yuan 107/tonne ($16.3/t) on week to Yuan 17,291/t including the 13% VAT as of March 30, according to Mymetal’s assessment, which has shown signs of stabilizing after the panicking slump last Tuesday on more supplies, mainly as demand may well pick up in the second quarter to offer higher output, Mysteel Global noted.
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China’s national average price of zinc ingot (grading at least 99.995%) stood at Yuan 21,880/tonne ($3,330.3/t) including the 13% VAT as of March 26, higher by Yuan 71/t on week and staying at its two-year high. In response to the high price, zinc users were buying only in accordance with their production needs, market sources indicated.
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Domestic aluminum prices across China plunged on-week over March 17-23 after a sharp dip on Tuesday, even though the supply-demand fundamentals for primary ingot had witnessed no major change, according to the latest report released by Mymetal, Mysteel’s nonferrous metals data collection arm.
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Last week, China’s national average price of zinc ingot (grading at least 99.995%) rose further by Yuan 117/tonne ($18/t) on week to reach Yuan 22,256/t including the 13% VAT as of March 23, according to Mymetal’s latest weekly report. Though actual demand for the metal was not as robust as previously, the ongoing tightness of concentrate supplies continued to prop up zinc prices, the report noted.
