LIVE FUTURES REPORT 25/12: SHFE aluminium up amid concerns over alumina supply tightness; LME off

The three-month aluminium price on the Shanghai Futures Exchange (SHFE) managed to rise during Asian morning trading hours on Monday December 25 amid concerns over possible tightness in global alumina supply.

The most-traded SHFE February aluminium contract price increased 195 yuan, or 1.3%, to 14,825 yuan per tonne as of 10.35am Shanghai time.

The market is worried that natural gas supply tightness will affect the production of alumina, according to Galaxy Futures daily report.

At present, offer prices for alumina are higher but the deal prices reported are still at a relatively low level. Metal Bulletin assessed Chinese alumina prices in a range of 2,700-2,900 yuan per tonne on Thursday December 21, down from 3,600-3,750 yuan per tonne in the first half of November.

However, as of Friday December 22, SHFE aluminium stocks had risen by 4,935 tonnes, or 0.7%, over the previous week to stand at 741,324 tonnes.

“Aluminium stocks had increased 3% on a weekly basis last Friday, which made the market expect a drop this week but it seems that the turning point has not arrived yet,” an aluminium trader in Shanghai said.

The most-traded February copper contract on the SHFE stood at 55,020 yuan ($8,362) per tonne, up 520 yuan - or 1% - from the previous session’s close.

Lead down, other metals up

  • The SHFE February lead contract price fell 20 yuan to 19,215 yuan per tonne, down 0.1% compared with the previous closing price of 19,235 yuan per tonne, amid higher stocks.
  • During the week ended Friday December 22, SHFE lead stocks increased by 1.1%, or 500 tonnes, week on week to 44,171 tonnes.
  • The SHFE February zinc contract price was up 170 yuan, or 0.7%, to 25,735 yuan per tonne.
  • The SHFE January tin contract price gained 400 yuan, or 0.3%, to 137,640 yuan per tonne.
  • The SHFE May nickel contract price increased 670 yuan, or 0.7%, to 96,560 yuan per tonne.

Currency moves and data releases

  • The dollar index was up by 0.07% at 93.36 as of 10.49am Shanghai time.
  • In equities, the Shanghai Composite was down 0.11% to 3,293.44.
  • As most of the global market are off for Christmas holiday today, there will be little data published.
SHFE snapshot at 1035 Shanghai time
Most traded SHFE contracts
Price (yuan/t) Change since yesterday’s close (yuan)
Copper (February) 55020 520
Aluminium(February) 14825 195
Zinc(February) 25735 170
Lead(February) 19215 -20
Tin (January) 138080 400
Nickel (May) 96560 670

Changjiang spot snapshot on Monday December 25
Range (yuan/t) Change (yuan)
Copper 54,650-54,670
710
Aluminium 14,410-14,450 150
Zinc 25,770-26,570 210
Lead 19,100-19,300 100
Tin 138,500-139,500 0
Nickel 95,400-95,600 250

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