On Friday, May 22, LME recorded a decline in the value of non-ferrous metals after a week of the most positive dynamics in the current year. The markets reacted negatively to statements made during the meeting of the All-China Assembly of People's Representatives.
Quotations of copper prices fell by LME by $ 102 (-1.89%), to $ 5288.50 per ton.
Meanwhile, in a commentary circulated by Chinese media, Chalco managing director Yu Dehui said he would formally propose that the country's authorities keep companies from selling expansion plans for smelters.
Nickel also showed negative dynamics on the exchange, having fallen in price by 1.57% to $ 12,225 per ton. Meanwhile, low metal quotes provoked activity in the subsidence - more than 10 thousand lots of metal were sold - the largest volume since March 23.
The only metal that went up during the day was zinc - its price rose by $ 2, to $ 1985 per ton.
At the morning auction in Shanghai on May 25, non-ferrous metals showed mixed dynamics, while investors continue to monitor the conference of the All-China People's Congress - the annual meeting of Chinese parliamentarians. Expectations from the congress are high among the participants of the metal market, especially with regard to economic incentives.
China said on Friday that it would not publish data on the annual benchmark for economic growth, as it had previously done. Beijing also promised to increase government spending.
The July copper contract fell in price on Friday night at ShFE by 0.55%, to 43.490 thousand yuan per tonne. The July aluminum contract fell in price by 0.12% to 12785 yuan per tonne. The zinc contract on ShFE rose in price to 16370 yuan per tonne. The July contract for nickel went up by 1.49%, up to 101.180 thousand yuan per tonne. The cost of the contract for lead rose in price at night from Friday to Saturday by 0.5%, up to 14180 yuan per tonne, and, like quotes are expected to be strong in the short term. The July tin contract went up 0.79%, to 134.4 thousand yuan per ton, against the backdrop of covering short positions and the flow of a number of bulls to bears. The resistance level in the tin sector is estimated at 136 thousand yuan per ton. The
operational summary of the site Metaltorg.ru on metal priceson leading world exchanges at 11:11 Moscow time 05/25/2020:
on LME: the exchange is closed;
on ShFE (delivery June 2020): aluminum - $ 1844.5 per ton, copper - $ 6126.5 per ton, lead - $ 2026 per ton, nickel - $ 14070.5 per ton, tin - $ 19180.5 per ton, zinc - $ 2299 per ton (including 17% VAT );
on ShFE (delivery August 2020): aluminum - $ 1774 per ton, copper - $ 6105.5 per ton, lead - $ 1995 per ton, nickel - $ 14109.5 per ton, tin - $ 18536.5 per ton, zinc - $ 2277 per ton (including 17% VAT );