LIVE FUTURES REPORT 28/12: SHFE copper higher after LME copper peaks near-three-year high; other base metals follow suit

The most-traded copper price on the Shanghai Futures Exchange rose during Asian morning trading hours on Thursday December 28 after the three-month LME copper price hit its highest level since January 23, 2014.

The most-traded February copper contract on the SHFE stood at 55,280 yuan ($8,434) per tonne as of 10.00am Shanghai time, up 320 yuan per tonne, or 0.6%, from its previous closing price of 54,960 yuan per tonne.

The three-month LME copper price soared as the market returned from its Christmas break, peaking at $7,259 per tonne. That is its highest since January 23, 2014. It closed the session $115 per tonne up on last Friday’s LME 5pm closing price.

The most-traded SHFE February aluminium contract price rose 100 yuan, or 0.7%, to 14,845 yuan per tonne, also following the strong overnight performance of the LME three-month aluminium price.

The LME three-month aluminium price hit a high of $2,254 per tonne in yesterday’s session, its highest since March 15, 2012 and beating its previous 2017 high of $2,215 per tonne.

“The increase [in LME prices] is supported by trade conflicts between the United States and China, especially in the aluminium trading area, which is presumed to help lower LME stock levels,” said Galaxy Futures.

Other metals up in the morning

  • The SHFE February zinc contract price was up 110 yuan per tonne, or 0.4%, to 25,485 yuan per tonne.
  • “Some zinc mines in northeastern Inner Mongolia will suspend production in January amid cold temperatures there, and are expected to only resume in March,” noted a market source.
  • The SHFE February lead contract price rose 150 yuan per tonne to 19,190 yuan per tonne, up 0.8% compared with its previous closing price.
  • The SHFE May nickel contract price increased 540 yuan, or 0.4%, to 95,130 yuan per tonne.
  • The SHFE May tin contract price edged up 40 yuan, or 0.03%, to 142,930 yuan per tonne.

Currency moves and data releases

  • The dollar index was down by 0.08% at 92.93 as of 11:00am Shanghai time.
  • In other commodities, the Brent crude oil spot price was up 0.21% at $66.08 per barrel while the Texas light sweet crude oil spot price inched up 0.19% to $59.74.
  • In equities, the Shanghai Composite was up 0.48% to 3,291.34.
  • In data, the US Conference Board Consumer Confidence Index was 122.1, lower than the projected 128.2 and the pending home sales month on month change for November showed an increase of 0.2%, better than the expected decrease of 0.4%.
  • In data today, US unemployment claims and goods trade balance numbers are due out. Natural gas storage and crude oil inventory figures are also expected today.
LME snapshot at 0207 London time
Latest 3M LME Prices
Price ($/t) Change since yesterday’s close ($)
Copper 7203 -37
Aluminium 2232 -20
Lead 2520 -19
Zinc 3262.5 -9.5
Tin 19620 -75
Nickel 11985 -125

SHFE snapshot at 1007 Shanghai time
Most traded SHFE contracts
Price (yuan/t) Change since yesterday’s close (yuan)
Copper (February) 55280 320
Aluminium(February) 14845 100
Zinc(February) 25485 110
Lead(February) 19190 150
Tin (May) 95130 540
Nickel (May) 142930 40

Changjiang spot snapshot on Thursday December 28
Range (yuan/t) Change (yuan)
Copper 54,920-54,940 300
Aluminium 14,370-14,410 150
Zinc 25,490-26,290 50
Lead 19,100-19,300 100
Tin 139,500-141,500 -250
Nickel 94,350-94,750 550

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