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Latest company new about Nickel Trading Picks up Last Week amid Falling Prices
2023/03/06

Nickel Trading Picks up Last Week amid Falling Prices

  SHANGHAI, Mar 6 (SMM) - Nickel prices trended lower on frequently released news factors last week. On March 2, the news said that NORNICKEL Nickel, the largest nickel producer in Russia, shipped goods to China in RMB. The spots were priced based on the mixed price of SHFE and LME nickel. Nickel futures prices fluctuated greatly.   The pricing method of NORNICKEL Nickel was conducive to nickel prices returning to fundamentals. New pure nickel capacity has yet to be released, and it is expected that the output will climb in March. Besides, the pricing method of NORNICKEL Nickel dragged nickel prices down to fundamentals, and the SHFE/LME nickel price ratio gradually tends to normal.   Therefore, it is expected that the import window will remain open in March. On the demand side, although the stainless steel market is expected to improve, the proportion of pure nickel consumption has dropped to 2.5%, which cannot offer strong support to pure nickel prices. Pure nickel consumption by alloy manufacturers is expected to rise in the second quarter of 2023.   However, in the short term, the pure nickel consumption in March can hardly increase compared with that in February since alloy companies get poor orders amid the decline in commodity prices. In 2023, the pure nickel supply will be sufficient. The supply surplus of pure nickel in March will be smaller than that in February. Therefore, it is expected that nickel prices will show a downward trend in March. The price difference between nickel sulphate and electrowinning nickel has dropped to 8,059 yuan/mt based on nickel prices last Friday, which almost suppressed the profit margins gained by electrowinning nickel companies to 0 yuan/mt. And some even cut their production amid losses.   In addition, downstream demand has picked up amid the fall in nickel prices, which will limit the downward space of nickel prices in the short term.   Source:SMM
Latest company new about Northeast Special Steel Group Submitted A Draft Bankruptcy Reorganization Plan
2017/07/28

Northeast Special Steel Group Submitted A Draft Bankruptcy Reorganization Plan

The latest developments in the bankruptcy and reorganization of the Northeast Special Steel Group. Reporters from the Northeast Special Steel Group bankruptcy reorganization manager was informed that the Northeast Special Steel Group and its managers on the 10th to Dalian Intermediate People's Court submitted a draft restructuring plan.   For the most concerned about the reorganization of the community investors, Liaoning Province, deputy director of the SASAC Xu Jisheng introduced, there will be two private and state-owned large-scale iron and steel enterprises to participate in the reorganization, and the Northeast Special Steel Group is also expected to bankruptcy The opportunity to achieve mixed ownership reform.   It is understood that, in accordance with the law, July 10 is the Northeast Special Steel Group restructuring plan submitted deadline. Previously, due to the objective does not have the conditions for the preparation of the reorganization plan, the draft of the reorganization plan has been postponed twice.   According to reports, into the bankruptcy reorganization process, including the Liaoning Provincial SASAC, including the Northeast Special Steel Management team, close contact with potential investors, and actively organize the potential investors, the main financial creditors to reorganize the investment program and other relevant content Conducted a number of rounds of communication, consultation, in the whole process of major financial creditors open, fully respect the views of financial creditors, to determine the current investors. Xu Jisheng said that the Northeast Special Steel Group has entered the bankruptcy reorganization process, has maintained a normal production and business activities.   According to the law, the next meeting of the second creditors will be held by the creditors to vote on the draft plan. The draft of the reorganization plan will eventually require the Dalian Intermediate People's Court to approve the approval before it can produce legal effect and enter the execution stage.   Northeast Special Steel Group is a large state-owned special steel production enterprise, the company has long been a huge debt burden, high financial costs. Last year in March the company issued a corporate bond continuous breach of contract, causing a serious debt crisis. On October 10 last year, the Dalian Intermediate People's Court ruled that the Northeast Special Steel Group and its affiliated companies entered the bankruptcy reorganization procedure and designated the bankruptcy reorganization manager.   Editor: Zeng Qiaoqiao Source: Economic Reference
Latest company new about Five steel enterprises in the first half to achieve substantial growth in profits
2017/07/28

Five steel enterprises in the first half to achieve substantial growth in profits

As of the evening of July 10, a total of five listed steel prices released six months notice: Among them, the first half of Hebei Iron and Steel shares is expected to profit 1.15 billion yuan to 1.27 billion yuan last year, profit of 409 million yuan; Half-year net profit attributable to shareholders of listed companies increased by 150.60% over the same period last year to 200.50 %%, the amount of 903 million yuan to 1.083 billion yuan; compared with the same period last year, Ling Steel shares in the first half is expected to achieve losses Profit, to achieve the net profit attributable to listed shareholders of about 400 million; Valin Iron and Steel is expected in the first half of this year to achieve net profit of 11 to 13 billion yuan to achieve attributable to shareholders of listed companies net profit of 9 to 10 billion, and this is Valin Steel and steel since the listing in 1999 since the semi-annual best performance; Jiuquan Hongxing is expected in the first half of 2017 to achieve attributable to shareholders of listed companies net profit of about 35,000 million, compared with the same period last year increased by 54%.   "China Metallurgical News", China Steel News Network reporter through the five steel companies semi-annual results notice found that access to 2017, in the country supply side reform, out of the IF furnace and remediation of steel and other policy measures to vigorously promote, On the one hand, the price of steel has always been maintained at a high price range, and the price of raw materials is relatively small; on the other hand, the internal control of the cost reduction work, the whole process down the cost of significant results, cost control better , To improve the profitability of the product, making the relevant steel enterprises in the first half of 2017 net profit more than expected.   July 8, China Iron and Steel Industry Association executive vice president of Gu Jianguo in China's iron and steel energy-saving emission reduction forum, said the iron and steel industry in the first half of this year's operation situation, the overall presentation is positive to the good situation, it should be said is With the country to eliminate backward, to crack the measures of the steel is inseparable. This creates a good external environment for steel.   Although the overall situation in the steel industry is better than expected, we must be soberly aware that there are still many uncertainties in maintaining the smooth operation of steel.   The industry's asset-liability ratio is still at a high level and the problem of financing is still present. To highlight the industry better annual benefits, the second half will not be at your fingertips, and need to pay more effort. Editor: Yang Xiaoguang Source: China Metallurgical News
Latest company new about China 's Steel Industry in the Direction of Transformation: Go Fine Steel Road
2017/07/28

China 's Steel Industry in the Direction of Transformation: Go Fine Steel Road

Author: former deputy director of National Development and Reform Commission, Zhang Guobao, former director of the National Energy Board   Following the Shougang, Guangzhou Iron and Steel Plant, Hangzhou Iron and Steel Plant after the closure of the Jinan Iron and Steel Plant by 60 Spring and Autumn also curtain call. These are located in the capital and provincial cities of iron and steel enterprises have been the backbone of the provinces and cities and enterprises, for economic development has made a significant contribution.   Now that steel, many people will think of this is "to the production capacity," a key industry; is a traditional industry, or even a sunset industry; high energy consumption and high pollution emissions industry. But I still have to say that the steel industry is actually an evergreen industry in the industrial sector.   Iron and steel industry turning point: from the number of growth to structural adjustment of the type of development   Human society began to use iron instead of bronze more than 2,000 years ago, which greatly promoted the development of productive forces and became a milestone in human society from slavery society to feudal society. For more than 2,000 years, steel has been widely used in the field of production and living, so far enduring. Although the new materials continue to emerge, especially in the "plastic and steel" the most typical, but the steel as the most important industrial raw material status is still unable to shake.   I have an article in the article on the importance of food for human survival, for example, despite the ever-changing scientific and technological revolution, the new format, new industries after another, but the food is still the most important material for human survival, when people have to eat, The future will still be so. Similarly, iron and steel for the industry, like food for human beings, despite the Internet, artificial intelligence, bio-medicine and other new technologies, new industries after another, but the steel support the entire industry skeleton, especially for China, a wide range of industries, steel is Indispensable important industries, the future will be the case.   I do not mean that the steel industry does not need to adjust, transform, upgrade, on the contrary, China has become the world's number one steel production power, the annual output of more than 800 million tons, production capacity of more than 1.1 billion tons Followed by the second, third, fourth, and even the total production of steel producers, but also far more than the history of the world's steel development in Europe, the United States, the former Soviet Union, Japan and other countries have achieved the output The The quality of energy consumption, material consumption, emissions and product varieties of China's tonnage steel has reached or approached the world's advanced level, but the level of iron and steel enterprises is uneven. For many iron and steel enterprises, the characteristics of extensive operation are still obvious. And according to the law of economic development, we can not always maintain such a high yield, need to be adjusted in time to transform, to backward production capacity. Reduce production capacity, reduce energy consumption, material consumption, improve the quality of varieties, reduce emissions, take the road of development of fine steel in order to make the iron and steel industry sustained and healthy development.   If the main task of the iron and steel industry is to expand the scale of production in order to meet the demand for sustained growth of the national economy, then the main task of the steel industry in the future is to take the road of fine steel, not only in the new China since its establishment, especially since the reform and opening up Is to maintain the largest steel production power, but also to build the world's first steel power. In the next two decades, no matter how the rapid development of new industries, iron and steel industry will continue to be an important industry in China's national economy, but also China's participation in international competition, a dominant industry, is an important export industry.   Regardless of other countries how the industrial structure, the positioning of the steel industry is in line with China's national conditions and economic development laws.   An annual output of 800 million tons is the result of market demand stimulus rather than the result of government planning So, how should we evaluate China's steel industry through the development of the road? The steel industry was once an important symbol of whether a country was an industrial power. It is said that during the eight years of the war, Japan's average annual production of steel is 5 million tons, while China's annual output of steel is only 5,000 tons (not the Japanese occupation of the Northeast and Taiwan). Japan's steel production is China's 1000 times, coupled with Japan already have the aircraft, ship production capacity, the strength of the strength of the contrast has been very obvious.   New China was founded in 1949, China's steel production is only 158,000 tons. In 1950, the resumption of part of the production capacity of only 610,000 tons. Chairman Mao of the new China attaches great importance to the iron and steel industry, put forward the "steel as the key link" "Anshan Iron and Steel Constitution" and so on, launched a large iron and steel as an important content of the "Great Leap Forward", despite the lack of experience in economic development, Took the detours, causing losses, but as the Chinese leaders to achieve the dream of the dream of the strategy is very obvious. However, in 1958, the power of the country, really to the point of Zaguomaitie, did not really complete the annual output of 10.7 million tons of the target, to 1959 statistics, steel production reached more than 11 million tons, and most of the quality of substandard Of the small blast furnace products, including Zaguomai iron melting iron products.   I was over, then the scene vividly. "Great Leap Forward" after the adjustment to consolidate and improve, the provinces of small and medium steel plants are mostly adjusted after the foundation, including the Jinan Iron and Steel Plant is also in 1958, "Great Leap Forward" after the development of the enterprise, for our country Iron and steel industry development has laid a certain foundation. But the formation of such a large number of iron and steel enterprises located in the central capital city, now to large and medium cities caused great environmental pressure.   In most of the years, China's steel has been unable to meet the needs of development, are tight material, but also net imports of materials, especially high-end steel imports. I participated in the work after exposure to high-speed steel, die steel, bearing steel, automotive panels, oil pipes and so on to rely on imports. To the reform and opening up in 1978, steel production reached more than 3100 million tons. As the iron and steel market is tight supplies, the early private enterprises and self-employed many rely on steel fortune, such as Tianjin's Daegu Zhuang, Jiangsu Huaxi Village and so on. After the reform and opening up Baosteel construction on the iron and steel industry development milestone significance, so that China's iron and steel industry modernization on a higher level, after the construction and transformation of steel plant Baosteel advanced technology and equipment, greatly narrowing the gap with the international advanced level.   In 1996, China's steel production reached 100 million tons, entered the ranks of steel production power. 7 years later, in 2003 reached 200 million tons of production, becoming the world's largest steel producer. Since then, the output has increased and almost 100 million tons of production has been increased every two years. Iron and steel production is too loud, but in fact until 2014, steel production exceeded 800 million tons, the market did not appear obvious oversupply situation, the production of products are basically digested the market. This is because this period of China's sustained economic development, railways, highways and other infrastructure and real estate construction requires a lot of steel. On the other hand, if there is no rapid development of the steel industry, it is impossible to support the rapid development of China's economy. At the same time in 1994 as the price base, although there are 20 years of inflation, energy, raw materials, labor costs are substantially price increases, steel prices do not rise or fall, which is the result of technological progress and competition.   It can be said that steel production reached a record 800 million tons more is the result of market demand stimulus, rather than the results of government planning, in my memory, the government has never planned 800 million tons of steel production. A considerable part of the production capacity is not approved by the government of private enterprises.   Look at the 800 million tons of steel whereabouts, of which more than 100 million tons of exports, as mechanical and electrical equipment products and engineering contractor exports of steel also more than 80 million tons, the two together, about 200 million tons of steel exports. No steel industry support, China's exports of mechanical and electrical products and overseas project contracting can not reach today's scale. In fact, the steel industry from 2003 to 200 million tons, the rapid growth of production for several years, and the power industry is fully synchronized. Since 2002, the installed capacity of electricity is almost an annual increase of 100 million kilowatts of installed capacity. The rapid development of the steel industry is adapted to the market demand for this period. China's annual export of more than 100 million tons of steel also led to trade friction, the export should not be so much steel controversial. Some people think that steel is a high capacity product, there is pollution, should not be exported so much. But this is the decision of China's economic development stage, no energy and ore in Japan, South Korea is also a steel exporting country, for their economic take-off and employment has contributed. Iron and steel is now a dominant industry in China, in the future will also be an important export products for our industry to go out, especially the infrastructure to go out to provide the necessary raw materials. Layout of the coastal modernization of large steel base is entirely correct and necessary China's iron ore imports each year has more than 1 billion tons, external dependence reached 80%, then China should not import iron ore, the development of the steel industry should not? I think this is where steel is contributing to China's trade, taxation and employment. In the iron and steel layout, the construction of Zhanjiang, Caofeidian such a coastal modern large steel base is absolutely necessary to maintain China's steel competitiveness, so that the steel industry to the next step on the correct decision. At the same time, in the iron ore origin and the market near the rational layout of some steel plants is also planning must be considered. But must pay attention to the cost of logistics and environmental capacity to mineral production, must not blindly develop production.   The planning work of the steel industry has also played an important role in the development of the past few decades, including the planning and construction of the third-line construction and the construction of Baosteel are carried out under the national planning. I do not agree with some people say, let the market freedom to decide to develop, deny all the planning and industrial policy role. The correct planning and industrial policy and play a role in the market competition is equally important, this is the development of Chinese characteristics of the road, it is precisely our advantage. In the future adjustment of the steel industry, planning and industrial policy still have to play a good role, but the focus of work will be transferred to the merger and reorganization, energy saving, environmental protection, eliminate backward production capacity, go fine steel road, rather than the past Accustomed to the development of production capacity.   I think that only such a dialectical view of China's steel industry is in line with China's national conditions and reality. In the past, there were metallurgical departments, played a historic role in the construction of new China's steel industry, and now there is no metallurgy department, the steel industry has been more development, indicating that market-oriented industry has played a leading role in the development. The future of industrial planning is more guidance, to give full play to the industry association of advice, self-discipline, so that the iron and steel industry in the "three five" and the future longer period of development more healthy.   Editor: Song Yucheng Source: China Economic Weekly              
Latest company new about Short supplies, weak consumption widen price spreads between high, lower-quality copper
2018/12/06

Short supplies, weak consumption widen price spreads between high, lower-quality copper

SHANGHAI, Dec 6 (SMM) – The spread between high-quality copper and hydro-copper, a kind of copper with more impurities, widened to the highest in close to two years on Tuesday December 4 as tight supplies bolstered high-quality copper premiums and a rush to cash in among sellers expanded hydro-copper discounts. From the middle of November, the Shanghai spot copper market has seen the price spreads between high-and lower quality materials widening, to a peak of 315 yuan/mt on Tuesday, SMM assessments showed. A closed import arbitrage window deterred importers from moving their high-quality cargoes to the domestic spot market while domestic smelters stepped up exports and reduced domestic spot supplies. SMM data showed that copper stocks in Shanghai-bonded areas rose by some 19,600 mt in the fortnight ended November 30, and stood at 408,600 mt. This, and as traders favoured high-quality materials when delivering long-term orders by the end of the year, pushed the premiums for high-quality copper to 400 yuan/mt as of Thursday, over the SHFE December contract, up from 110 yuan/mt in late November. Importers and downstream consumers preferred cheaper lower-quality copper, and this supported the supplies of hydro-copper across the spot markets. Discounts for hydro-copper were heard up to 120 yuan/mt against the SHFE December contract earlier this week as some sellers sharply lowered their offers in a bid to cash in their cargoes. Weak purchasing enthusiasm among downstream consumers also weighed on hydro-copper discounts, reflecting sluggish consumption across end-users.     Key Words: Market commentary Copper For editorial queries, please contact Eve Yeo at eve@smm.cn For more information on how to access our research reports, please email service.en@smm.cn   Original article link:   https://news.metal.com/newscontent/100859456/short-supplies-weak-consumption-widen-price-spreads-between-high-lower-quality-copper/
Latest company new about Macro Roundup (Apr 14)
2020/04/14

Macro Roundup (Apr 14)

Data Analysis 08:31AM Source:SMM SHANGHAI, Apr 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead. The US dollar was roughly flat on Monday amid thin trades with Europe out on holiday. The dollar index, which tracks the greenback against a basket of other currencies, was little changed on the day and finished at 99.504. "The dollar rallied some overnight in holiday-thinned trade, though pulled back in light N.Y. trade on Monday. There was zero data on tap, and focus largely remained on virus developments," wrote analysts at Action Economics. The US dollar had given back some recent gains as the selling pressure against its key peers persisted over the last couple of weeks on eased market sentiment. However, the financial market remained cautious about the economic impact from the coronavirus as authorities imposed stricter measures to curb the spread of the virus. SHFE nonferrous metals closed mostly higher on Monday, with copper leading the gains with a rise of 1.5%. Tin rose 1.2%, zinc and lead climbed more than 0.9%, while aluminium dipped less than 0.1% and nickel fell 0.7%. The LME was closed Monday for the Easter Monday holiday, and trades will resume on Tuesday. Crude prices settled on a mixed note Monday, with global prices higher but US prices down as the weekend’s OPEC+ deal failed to soothe demand concerns. OPEC producers dominated by Saudi Arabia and allies led by Russia agreed on a deal on Sunday to cut production by nearly 10 million barrels per day from May. Analysts from Goldman Sachs and elsewhere said the OPEC+ move was “too little, too late” after weeks of a damaging price war between Saudi Arabia and Russia. US stocks closed mixed on Monday as investors gear up for the start of earnings season this week.   The coronavirus pandemic is expected to show up in companies’ first-quarter report cards, even though the virus didn’t shut down the US economy until mid-March. Gold, viewed as a safe haven, hit its highest level since 2012, up 1.2% on the day, as investors weighed expectations for further moves by central banks and fiscal policymakers to boost the global economy.   Key economic data slated for release on Tuesday include China’s trade balance for March, the US import price index for March and its weekly crude oil change surveyed by the American Petroleum Institute (API).  
Latest company new about Base metals higher on China’s stimulus measures, hopes pandemic spread is slowing
2020/04/07

Base metals higher on China’s stimulus measures, hopes pandemic spread is slowing

SHANGHAI, Apr 7 (SMM) – Shanghai base metals cruised higher across the board in early morning trade on Tuesday, after returning from the holiday-extended weekend, as investor sentiment was improved by China’s RRR and IOER cuts and an overnight surge on Wall Street. Their counterparts in London also traded broadly higher.   On the SHFE, zinc was 3% higher to lead the gains, while copper was the biggest gainer on the LME with a more than 2% jump.   The People's Bank of China said late Friday it was cutting the amount of cash that small and mid-sized banks must hold as reserves by 100 basis points in two equal steps, the first effective as of April 15 and the second as of May 15, releasing around 400 billion yuan ($56.38 billion) in liquidity to shore up the virus-hit economy. In addition, the interest rates on financial institutions' excess reserves with the central bank would be reduced to 0.35% from 0.72%, effective April 7.   US stocks surged on Monday, and Treasury yields climbed as investors grew more hopeful that the peak in coronavirus cases could be reached soon.   Oil prices dropped on Monday as the OPEC+ alliance of oil producers announced it was delaying a meeting at which it could agree to a production cut.   Overnight on the LME, base metals, except for aluminium, closed higher. Tin jumped 1.6% on the day to lead the gains, copper rose 1.3%, lead climbed 1.2%, zinc advanced 0.9% and nickel gained 0.7%. The SHFE kept its night trading session suspended.   Copper: Three-month LME copper strengthened to close at $4,904.5/mt on Monday. Stimulus measures, coupled with growing concerns about copper mine supply with major producing countries entering state of emergency, bolstered copper prices. LME copper is expected to trade between $4,970-5,030/mt today, with SHFE copper at 40,300-40,900 yuan/mt. Spot premiums are seen at 130-150 yuan/mt amid market turmoil.   Aluminium: Three-month LME aluminium fell to its lowest since January 2016 at $1,459.5/mt in late European trading session, before it recovered some ground to close the day lower at $1,475/mt. LME aluminium is expected to move at $1,450-1,500/mt today, with the SHFE 2006 contract at 11,400-11,750 yuan/mt. Spot prices are seen at a discount of up to 10 yuan/mt to a premium of up to 10 yuan/mt.   Zinc: Three-month LME zinc rebounded in North American trading hours, reversing earlier losses to end the day higher at $1,898/mt. It was pressured by the middle Bollinger band but supported by the five- and 10-day moving averages. LME zinc is expected to move at $1,860-1,910/mt today, with the SHFE 2006 contract at 15,100-15,600 yuan/mt. Spot premiums for domestic 0# Shuangyan are seen slightly lower at 40-70 yuan/mt over the SHFE April contract.   Nickel: Three-month LME nickel fluctuated to close the day higher at $11,280/mt on Monday. Whether it could remain above $11,300/mt will come under scrutiny.   Lead: Three-month LME lead slipped to its lowest in more than a week at $1,639.5/mt in European trading hours, before it clawed back those losses to close the day higher at $1,680/mt.   Tin: Three-month LME tin climbed to end at an intraday high of $14,350/mt on Monday, snapping a three-day losing streak. Resistance is seen at the 20-day moving average at $14,600/mt.
Latest company new about SMM Morning Comments (Mar 30): Base metals broadly lower on pandemic concerns
2020/03/30

SMM Morning Comments (Mar 30): Base metals broadly lower on pandemic concerns

SHANGHAI, Mar 30 (SMM) – London and Shanghai base metals cruised broadly lower in early morning trade on Monday, as investors continue to assess the economic impact of the global coronavirus pandemic that continues to spread rapidly.   Data compiled by Johns Hopkins University showed that the outbreak has already infected more than 720,000 worldwide and taken at least 33,925 lives. US President Donald Trump extended at a news conference Sunday the national social distancing guidelines to April 30.   Dismal economic data, which could shed some light on the fallout from the pandemic, released recently also dent investor sentiment.   With worsening pandemic furthering hurting demand and the Saudi Arabia-Russia price war showing no signs of abating, crude oil prices dropped in morning trade, extending last week’s losses, which also weighed on prices of base metals.   Trillions of dollars worth of stimulus efforts by governments and central banks, including a $2 trillion US package, to combat the economic impact from the coronavirus pandemic helped temper a rout in global markets last week. The Dow surged more than 12% to post its biggest weekly gain since 1938, while the US dollar staged its biggest weekly decline in four years.   On Friday, LME base metals, except for lead, closed higher. Tin surged more than 2% on the day to lead the gains, nickel jumped 1.8%, aluminium rose 0.8%, zinc advanced 0.5% and copper edged up 0.02%. Lead closed flat. The SHFE kept its night trading session suspended.   Closures of some mines in response to virus containment measures by governments also offered some support to prices of some metals.   Copper: Three-month LME copper recovered from earlier losses to end Friday trading a tad higher at $4,815/mt, to post a weekly gain of close to 2.5%. The contract tumbled 13.8% in the previous week, the biggest weekly decline in almost a decade. LME copper is expected to trade between $4,720-4,800/mt today, with SHFE copper at 38,300-38,900 yuan/mt. Spot premiums are seen at 50-100 yuan/mt as month-end financial settlement will dent purchasing enthusiasm.   Aluminium: Three-month LME aluminium rallied on Friday, snapping a nine-day losing streak. It closed the day at $1,552.5/mt, and registered a weekly decline of 1.6%. LME aluminium is expected to move between $1,520-1,560/mt today, with the most-active SHFE 2005 contract trading at 11,270-11,950 yuan/mt. East China spot discounts are seen at 100-80 yuan/mt against the SHFE 2004 contract, as the 2004-2005 spread is likely to flip into backwardation.   Zinc: Three-month LME zinc hit a one-week high of $1,904/mt in early European trading hours, before it eased to hover around the daily moving average to end the day at $1,874/mt, marking the fourth straight day of gains. It jumped 1.6% on the week, after a drop of 6.9% in the previous week. Closures of zinc mines are likely to lend some support to zinc prices, but concerns about the destruction to demand will limit the upside room. LME zinc is expected to consolidate at lows in the short term and move at $1,850-1,900/mt today. The most-traded SHFE May contract is expected to trade at 14,800-15,300 yuan/mt. Spot premiums for domestic 0# Shuangyan are seen unchanged at 20-40 yuan/mt over the SHFE April contract.   Nickel: Three-month LME nickel saw its gains accelerate in North American trading hours, finishing the day sharply higher at $11,420/mt, its highest close in nearly two weeks. It gained 0.79% on the week, after shedding nearly 8% in the prior week. LME nickel remains between the five- and 10-day moving averages.   Lead: Three-month LME lead jumped to its highest in nearly two weeks at $1,734.5/mt in North American trading session, before it erased all those gains to close the day flat at $1,692/mt. It gained 3.5% on the week, after a 6.7% decline in the previous week.   Tin: Three-month LME tin resumed its rally, strengthening to end at $14,280/mt, its highest close in nearly two weeks. It rose 5.4% on the week, after collapsing 14.2% in the prior week, its biggest weekly loss in almost a decade. LME tin has stood above the 10-day moving average, while faces resistance at $14,500-14,600/mt.    
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