LIVE FUTURES REPORT 08/11: SHFE nickel prices slide on profit-taking; copper, zinc dragged lower by demand concerns

Base metals traded on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Wednesday November 8, with nickel the worst performer as investors closed positions to lock in profits, while copper and zinc were pressured downwards by concerns of soft demand.

The most-traded January nickel contract on the SHFE stood at 101,460 yuan ($15,290) per tonne as of 10:30am Shanghai time, down by 1.4% or 1,470 yuan from the previous session’s close.

After an impressive rise on bullish sentiment surrounding nickel’s prospects in the electric vehicle sector, prices have come under increasing pressure as investors looked to secure profits.

“After rising nearly 20% over the past month, investors locked in gains in the nickel market,” ANZ Research said on Wednesday.

“This was sparked by data showing that higher prices have enticed more nickel ore exports from Indonesia. Indonesia’s Energy and Mineral Resources Ministry said export quotas of nickel ore have surged to 20.4 million tonnes,” it added.

Copper, zinc fall on demand concerns

  • The SHFE January copper contract declined 1.4% or 760 yuan to 53,840 yuan per tonne.
  • A higher volume of copper cathode has entered China in the past few weeks, while demand is slowing as end-users have completed their restocking activities after the country’s National Day holiday at the beginning of October.
  • “We are likely to see physical cathode in [the Chinese] domestic market traded at a discount this week,” a Shanghai-based trader said.
  • Market participants will focus on preliminary trade data on China’s copper imports later today.
  • The SHFE January zinc contract slipped 200 yuan or 0.8% to 25,505 yuan per tonne.
  • “Zinc is being dragged down by rising stocks and weak end-user demand. Galvanized zinc producers in northern China still are facing pressure from environmental [clampdowns],” China’s Galaxy Futures noted.

Lead inches higher; rest lower

  • The SHFE December lead contract rose 25 yuan to 18,860 yuan per tonne.
  • The SHFE January aluminum contract lost 140 yuan to 15,895 yuan per tonne.
  • The SHFE January tin contract down 380 yuan to 142,340 yuan per tonne.

Currency moves and data releases

  • The dollar index was up by 0.06% at 94.85 as of 12:06pm Shanghai time - the index had reached a high of 95.15 on Tuesday, a level it last reached on October 27.
  • In other commodities, the Brent crude oil spot price rose $0.11 to $63.65 per barrel and the Texas light sweet crude oil spot price increased $0.07 to $57.06 per barrel.
  • In equities, the Shanghai Composite index was up 0.45% to 3428.93.
  • In US data on Tuesday, the IBD/TIPP economic optimism reading for November came in at 53.6, its highest since March 2017. Job openings for September were above expectations at 6.09 million, compared with an expected print of 5.98 million.
  • In data today, China’s dollar-denominated terms trade surplus was narrower than expected at $38.2 billion, against an expected surplus of $39.4 billion.
  • Meanwhile, US crude oil inventories are due later.
LME snapshot at 0330 London time
Latest 3M LME Prices
Price ($/t) Change since yesterday’s close ($)



















SHFE snapshot at 1130 Shanghai time
Most-traded SHFE contracts
Price (yuan/t) Change since yesterday’s close (yuan)


















Changjiang spot snapshot on November 8
Range (yuan/t) Change (yuan)
Copper 53,780—53,800 -810
Aluminium 15,680—15,720 -230
Zinc 25,750—25,800 -350
Lead 18,750—18,950 0
Tin 142,000—143,500 -500
Nickel 101,450—101,650 -1,150
What to read next
Fastmarkets proposes to extend the shipment window of its alumina index inferred, fob Brazil, to allow for greater inclusion of reported liquidity, and to increase the frequency of publication to weekly.
Following a month-long consultation period, Fastmarkets has amended the methodology for the bi-weekly assessment of the aluminium P1020A main Japanese ports (MJP) spot premium, to include domestic tenders and deals from the Japanese market.
Fastmarkets proposes to discontinue its ferrous scrap consumer buying price for cast iron borings in Pittsburgh due to a lack of liquidity.
Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 busheling in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.
A drive by electric vehicle (EV) manufacturers to improve the affordability of their cars may upend an expectation by some market observers that future EV dominance of automotive production will sharply reduce demand for special bar quality (SBQ) steel
The publication of Fastmarkets’ US rebar prices took place earlier than scheduled on Wednesday March 22 due to a reviewer error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.