LIVE FUTURES REPORT 31/10: SHFE copper, aluminium trade sideways as weak China data weighs

Copper and aluminium prices on the Shanghai Futures Exchange traded sideways during Asian morning trading on Tuesday October 31, as data released overnight showed growth in China’s manufacturing sector had slowed more than expected in October.

The SHFE’s most-traded December copper contract stood at 53,560 yuan ($8,046) per tonne as of 02:47 GMT, down by 10 yuan from the previous session’s close.

China’s manufacturing purchasing managers’ index (PMI) for October surprised to the downside with reading of 51.6 - lower than an expected print of 52.2 and down from 52.4 in September. It was the lowest reading since July’s 51.4, but remained well above the 50-point mark which separates growth from contraction.

China’s non-manufacturing PMI for October came in at 54.3, compared with a previous reading of 55.4.

“[The] weaker Chinese PMI data is weighing on base metals prices,” a Shanghai-based metals analyst said.

Meanwhile, with the base metals industry gathered in London for this week’s LME Week proceedings this should see liquidity remain weak, according to ANZ Research.

Moreover, investors are likely to remain cautious this week with a series of important data releases scheduled, including US President Donald Trump’s decision on the new US Federal Reserve Chair.

“The market is keeping cautious as it awaits further direction from a series of pending data [releases] this week, [so] base metals prices should remain range bound,” the Shanghai-based analyst said.

Base metals prices

  • The SHFE December aluminium price rose by 10 yuan to 16,285 yuan per tonne.
  • The SHFE December lead price rose by 100 yuan to 18,365 yuan per tonne.
  • The SHFE December zinc price strengthened by 115 yuan to 25,940 yuan per tonne.
  • The SHFE January nickel price was up by 890 yuan to 93,520 yuan per tonne.
  • The SHFE January tin price decreased by 40 yuan to 143,660 yuan per tonne.

Currency moves and data releases

  • The dollar index was at 94.56 as of 02:45 GMT - the index had reached as high as 95.15 on October 27, its highest since July 20.
  • In other commodities, the Brent crude oil spot price decreased by 0.16% to $60.44 per barrel.
  • In equities, the benchmark Shanghai Composite Index declined by 0.25% to 3,381.78 as of 03:30 GMT.
  • In US data on Monday, personal spending and personal income came in at 1% and 0.4%, respectively. The US Core PCE price index month-over-month met expectations at a 0.1% gain released on Monday.
  • The economic agenda is busy today with the Bank of Japan’s outlook report, policy rate and monetary policy statement, the European Union’s consumer price index (CPI) flash, core CPI flash and preliminary flash gross domestic product as well as US data that includes the employment cost index, Chicago PMI, CB consumer confidence of note.
LME snapshot at 0242 London time
Latest 3M LME Prices
Price ($/t) Change since yesterday’s close ($)
Copper 6,846.5 -16
Aluminium 2,165 3
Lead 2,421.5 7.5
Zinc 3,220 10
Tin 19,530 100
Nickel 11,635 -15

SHFE snapshot at 0247 London time
Most traded SHFE contracts
Price (yuan/t) Change since yesterday’s close (yuan)
Copper 53,560 -10
Aluminium 16,285 10
Lead 18,365 100
Zinc 25,940 115
Tin 143,660 -40
Nickel 93,520 890

Changjiang spot snapshot on October 31
Range (yuan/t) Change (yuan)
Copper 53,730-53,750 10
Aluminium 16,070-16,110 -10
Zinc 26,300-27,100 190
Lead 18,550-18,700 -150
Tin 142,000-144,000 -500
Nickel 94,050-94,350 850
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