On Tuesday, May 28, the three-month nickel contract continued to fall in price and at the close of trading on the LME sank 1.9% at the informal session regarding the Friday close value, to $ 12,120 per ton. At the same time, the volatility of nickel quotes remained prices amounted to $ 385 with a maximum of $ 12,460 per ton and $ 12,075 per ton. Only 10,540 lots of metal were traded compared to more than 16,000 lots during the Friday session, stimulated by a wave of short coatings on the eve of long weekends on the British and American exchanges. Although on May 28 LM92 1692 tons of nickel were supplied to the LME warehouses, its total reserves are still at a 7-year low, amounting to 165.564 thousand tons.
The hardened dollar and the continuing serious problems between the US and China reinforced the bearish sentiment in the market, causing the bulls to leave the stage, and the nickel market again shows pessimism regarding futures quotes. “Forward purchases due to the current macroeconomic situation are too much uncertainty, while demand is insufficient. So far, there is little need for them, ”said one of the European traders.
In the morning trading in Shanghai, prices for non-ferrous metals declined amid a strong dollar and a decrease in investor appetite. The dollar index rose 0.4% against Monday (97.55 points). Meanwhile, the consumer confidence index in the US from the Conference Board was 134.1 points in May compared to 129.2 points in April (against a forecast of 130.1 points). “Consumers are counting on continued vigorous economic growth in the short term, and, despite the weak retail sales in April, these high confidence indices signal that we should not expect a significant reduction in consumer spending in the coming months,” said Conference Manager senior manager of economic indicators. Lynn Franco.
Nickel fell by ShFE at 1.7%, to 98580 yuan ($ 14266) per ton, from 100340 yuan per ton on Tuesday.
The July contract for lead fell in price at 55 yuan, to 15,900 yuan per ton (-0.3%).
The Metaltorg.ru website’s news report on metal prices on the world’s leading exchanges at 11:38 Moscow time. 05/29/19:
LME (cash): aluminum – $ 1,770.5 per ton, copper – $ 5,903 per ton, lead – $ 1,793 per ton, nickel – $ 12,071 per ton, tin – $ 19,029 per ton, zinc – $ 2,693 per ton;
on LME (3-month contract): aluminum – $ 1,799.5 per ton, copper – $ 5,921.5 per ton, lead – $ 1,806 per ton, nickel – $ 1,2100 per ton, tin – $ 1,870 per ton, zinc – $ 2,536 per ton;
at ShFE (supply June 2019): aluminum – $ 2,053 per ton, copper – $ 6,765 per ton, lead – $ 2,322.5 per ton, nickel – $ 12,476.5 per ton, tin – $ 21,825.5 per ton, zinc – $ 3,031, 5 per ton (including 17% VAT);
ShFE (delivery August 2019): aluminum – $ 2,048 per ton, copper – $ 6,775 per ton, lead – $ 2,302 per ton, nickel – $ 12,269 per ton, tin – $ 21,922.5 per ton, zinc – $ 2,922 per ton (including 17 % VAT);
NYMEX (delivery May 2019): copper – $ 5953.5 per ton;
on NYMEX (delivery August 2019): copper – $ 5910.5 per tonne.
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