Latest news with #SHFE
Business Recorder
a day ago
- Business
- Business Recorder
Shanghai aluminium hits nearly 9-month high on prospect of better China demand
SINGAPORE: The most-traded aluminium contract on the Shanghai Futures Exchange on Tuesday hit the highest since November on possibly better demand for metals from China as authorities vow to stabilise industrial growth, including metals. SHFE aluminium rose 0.75% to 20,900 yuan ($2,913.26) a ton by 0702 GMT, or the highest since November 12. 'Aluminium fundamentals are the most solid among metals in China, especially being the only metal with a smelting capacity capped at 45 million tons, and alumina price surge has also been supportive,' a Shanghai-based metals analyst at a futures company said. SHFE alumina gained 4.23% to 3,452 yuan a ton, or the highest since Feb 26, and aluminium stocks at the SHFE-monitored warehouses totalled 108,822 tons by July 18, or the lowest since February 2024 albeit three consecutive weeks of rebounds. 'The Chinese government's working plans to stabilize industrial growth and the launch of the giant Tibet hydropower plant are all positive signals to the metals market, with the prospect of the country's metals demand boosting the sentiment,' a Beijing-based futures analyst at a futures company said. However, it's unclear how much actual demand will materialise, the analyst added. A Shanghai analyst echoed the view, saying, 'Amid all the uncertainties, such news sounds definite and positive, which may support the commodities futures market for a while.' On July 19, China began building the world's largest hydropower dam on the eastern rim of the Tibetan Plateau at an estimated cost of at least $170 billion. Meanwhile, SHFE nickel gained 1.51% to 123,530 yuan a ton, tin rose 1.11% to 268,520 yuan, zinc grew 0.7% to 22,945 yuan, being the highest since April 2, copper added 0.61% to 79,740 yuan, while lead ticked down 0.21% to 16,900 yuan. On the London Metals Exchange, the three-month zinc gained 0.14% to $2,842.5 a ton, tin inched up 0.1% to $33,845, and copper added 0.07% to $9,866.5, while lead ebbed 0.55% to $2,003.5, nickel fell 0.18% to $15,495, and aliuminium traded flat at $2,645.5.
New Straits Times
2 days ago
- Business
- New Straits Times
Shanghai metals rise after China vows to shore up industrial growth
SINGAPORE: The most-traded metals contracts on the Shanghai Futures Exchange rose on Monday after China's industry ministry last week vowed to stabilise the machinery, autos and electrical equipment sectors. China will roll out action plans to stabilise growth in these industrial sectors, Tao Qing, an official from the ministry, said on Friday. The move is designed to "improve premium supply capacity" to set up the industry for an effective upgrade in quality terms and reasonable growth as measured by quantities, while promoting an "orderly exit of outdated production capacity", Tao added. SHFE zinc gained the most, rising 2.69 per cent to 22,900 yuan (US$3,190.48) a ton as of 0102 GMT. Earlier, the contract hit 22,915 yuan, the highest since May 14. SHFE nickel added 1.25 per cent to 121,750 yuan, aluminium gained 1.17 per cent to 20,745 yuan, lead grew 1.04 per cent to 16,990 yuan, copper rose 0.87 per cent to 78,990 yuan and tin advanced 0.56 per cent to 265,390 yuan. "What China's industrial ministry said has been encouraging for metals in general," a Beijing-based metals analyst at a futures company said, adding, "Industrial sectors are all very relevant to metals." In addition to the downstream industries, the action plan will cover 10 key industries, including steel, nonferrous metals, petrochemicals and construction materials, the ministry noted. "Metals in general have responded positively to the news, and whichever with more room for price growths will strengthen more remarkably," a Shanghai-based metals analyst at a futures company said. On Monday, LME metals fluctuated narrowly, after Friday's surge, with zinc up 0.5 per cent to US$2,832.5 per ton. Earlier in the session, it touched US$2,837, the highest since April 1. LME aluminium rose 0.15 per cent to US$2,633.5, lead gained 0.13 per cent to US$33,490, nickel added 0.11 per cent to US$15,235, while lead eased 0.1 per cent to US$2,008. Copper traded flat at US$9,776.5 after touching US$9,777 on Friday, the highest since July 8.
New Straits Times
5 days ago
- Business
- New Straits Times
Copper rises on upbeat US data, China demand hopes
SINGAPORE: Copper prices on the London Metal Exchange and the Shanghai Futures Exchange rose on Friday, supported by stronger-than-expected US economic data and expectations of increased Chinese buying after the recent price dip. Three-month copper on the LME gained 0.13 per cent to US$9,679 per metric ton by 0104 GMT, rising 0.32 per cent so far this week, and the most-traded copper contract on the SHFE added 0.5 per cent to 78,290 yuan a ton, but was still 0.19 per cent lower this week. "The US economic data has been encouraging, boosting the hope for better copper demand and lowering the chances for immediate interest rate cuts," a Beijing-based metals analyst at a futures company said. US retail sales increased 0.6 per cent in June after an unrevised 0.9 per cent drop in May, while the number of Americans filing new applications for unemployment benefits fell last week, pointing to steady job growth so far in July. "LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops, uncertain whether this will materialise and by how much," a Shanghai-based metals analyst at a futures company said. Total copper stocks at the LME-registered warehouses rose 34.8 per cent since the end of June to 122,150 tons as of Thursday, with the spikes mainly at Asian warehouses such as in Gwangyang and Taiwan. Meanwhile, the market is waiting for confirmation of the August 1 deadline and details of the US's 50 per cent import tariffs on copper. LME tin gained 0.47 per cent to US$33,170 a ton, aluminium rose 0.41 per cent at US$2,588.5, lead added 0.28 per cent to US$1,978.5 and zinc advanced 0.24 per cent to US$2,743.5. Nickel eased 0.04 per cent to US$15,090. SHFE zinc jumped 1.18 per cent to 22,340 yuan a ton, tin gained 0.77 per cent to 263,760 yuan, nickel rose 0.67 per cent to 120,430 yuan and aluminium grew 0.47 per cent to 20,520 yuan. Lead fell 0.3 per cent to 16,820 yuan.
Mint
6 days ago
- Business
- Mint
Copper rises on upbeat US data, China demand hopes
SINGORE, - Copper prices on the London Metal Exchange and the Shanghai Futures Exchange rose on Friday, supported by stronger-than-expected U.S. economic data and expectations of increased Chinese buying after the recent price dip. Three-month copper on the LME gained 0.13% to $9,679 per metric ton by 0104 GMT, rising 0.32% so far this week, and the most-traded copper contract on the SHFE added 0.5% to 78,290 yuan a ton, but was still 0.19% lower this week. "The U.S. economic data has been encouraging, boosting the hope for better copper demand and lowering the chances for immediate interest rate cuts," a Beijing-based metals analyst at a futures company said. U.S. retail sales increased 0.6% in June after an unrevised 0.9% drop in May, while the number of Americans filing new applications for unemployment benefits fell last week, pointing to steady job growth so far in July. "LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops, uncertain whether this will materialise and by how much," a Shanghai-based metals analyst at a futures company said. Total copper stocks at the LME-registered warehouses rose 34.8% since the end of June to 122,150 tons as of Thursday, with the spikes mainly at Asian warehouses such as in Gwangyang and Taiwan. Meanwhile, the market is waiting for confirmation of the August 1 deadline and details of the U.S.'s 50% import tariffs on copper. LME tin gained 0.47% to $33,170 a ton, aluminium rose 0.41% at $2,588.5, lead added 0.28% to $1,978.5 and zinc advanced 0.24% to $2,743.5. Nickel eased 0.04% to $15,090. SHFE zinc jumped 1.18% to 22,340 yuan a ton, tin gained 0.77% to 263,760 yuan, nickel rose 0.67% to 120,430 yuan and aluminium grew 0.47% to 20,520 yuan. Lead fell 0.3% to 16,820 yuan. For the top stories in metals and other news, click or DATA/EVENTS 1230 US Housing Starts Number June 1400 US U Mich Sentiment Prelim July This article was generated from an automated news agency feed without modifications to text.
Business Recorder
6 days ago
- Automotive
- Business Recorder
Japanese rubber futures rise on stronger oil prices
SINGAPORE: Japanese rubber futures rose for a second session on Thursday, tracking oil gains and supported by China's move to regulate electric vehicle sector competition, which could ease downward price pressure on the commodity. The Osaka Exchange (OSE) rubber contract for December delivery ended daytime trade up 4.7 yen, or 1.47%, at 325.2 yen ($2.19) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery rose 260 yuan, or 1.8%, to 14,665 yuan ($2,042.28) per metric ton. The most active August butadiene rubber contract on the SHFE gained 100 yuan, or 0.87%, to 11,570 yuan ($1,611.26) per ton. China's cabinet pledged on Wednesday to regulate 'irrational' competition in the domestic EV sector through stricter cost and price monitoring. Lower automobile prices, driven by fierce competition, exert a downward pressure on rubber tyre prices. The China Chamber of Commerce emphasised fair European Union market access for Chinese automakers after meetings between a CCCEU auto working group and EU trade officials. China and the EU are currently looking to replace existing levies on Chinese-made EVs with minimum prices. Elsewhere, the yen slid 0.4% to 148.44 per dollar. A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. Oil prices rose on stronger-than-expected economic data from the world's top oil consumers. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil. Japan's Nikkei climbed 0.2. Top rubber producer Thailand's meteorological agency warned of heavy rains and accumulations that may cause flash floods and overflows from July 20-22. The front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 168.5 US cents per kg, up 0.7%.
