Metals: nickel has flied up almost to 13500,0 dollars/ tonAfter long days off trading session of Tuesday on May, 26th in the market of industrial metals passed under the badge of growth. Nickel has risen in price for 5,68 % and has flied up at once to 13475,0 dollars/ ton.
according to an analyst “ VTB the Capital “ Andrey Krjuchenkova, the market of metals last week continued to trace tendencies of global share platforms which dictated it a direction for lack of a specification. Weakness of dollar supported to quotations of base metals, however the majority of them continues to be consolidated below the level reached in April - May. Aluminium became the most outstanding “ the loser “ among metals as its stocks on LME strongly exceed 4 million tons.
3 - month Forward Prices, LME (results of trading session, at 18:00 the London time):
Aluminium has risen in price for 0,48 % - to 1449,75 dollars/ ton. By words And. Krjuchenkova, the trajectory of dynamics of quotations of aluminium on - former is directed downwards, unlike other base metals. It gradually slides off to key level of support - 1400 dollars/ ton from - for growth of stocks on LME above 4,2 million tons the day before, A.Krjuchenkov has underlined. Disturbs small splash in open interest past week which signalled about an exit of new long positions on the market more. China in April imported directly - taki surprising quantity of primary aluminium - 362400 thousand tons (in comparison with 85965 tons in March). This impressing splash in import has been supported by the high prices in home market that did import more cheaply. “ but it is necessary to be careful as this data can mislead: global stocks of aluminium are too high, and China hastily fills up metal reserves. On this background it is necessary to be ready to one more sharp correctional falling “ - A.Krjuchenkov has underlined.
Copper has grown in the price for 1,49 % - to 4685,0 dollars/ ton. As the expert marks, quotations of metal from the middle of April continue consolidation in a narrow range with triangle formation. Metal stocks on LME on - former are reduced, having reached on the eve of 326575 tons that approximately on 40 % more low, than in the end of February when the peak in 550 thousand tons has been reached almost. It is remarkable that during the same time between LME and Shanghai there was a narrowing of an arbitration range on copper. It serves as the obvious proof of the further easing of interest from the Chinese players.
it is obvious, the Chinese buyers now practically is absent in the market and copper on LME bargains at a discount approximately in 700 dollars in comparison with Shanghai which is not an ideal platform for buying up of metal from the point of view of import duties and expenses on logistics. Last week the Shanghai stocks of copper have not changed almost and on - former exceed 30 thousand Tons. “ both key markets of copper have spent a best part of the week in lateral trade, and even in the presence of good potential for deeper correction large-scale sales look improbable “ - A.Krjuchenkov has concluded.
nickel has flied up on Tuesday on 5,69 % - to 13475,0 dollars/ ton. Lead has raised on 0,63 % - to a mark 1444,0 dollars/ ton. Tin quotations have added 1,1 % - to 13800,0 dollars/ ton. Zinc quotations unique among base metals on Tuesday have decreased - on 0,73 %, to a mark 1517,0 dollars/ ton.
warehouse stocks of metals on LME as of May, 26th.
“ we expect that on LME trade on the moods connected with risks of global consolidation in immediate prospects will proceed. It is pleasant that the basic levels of support on - former remain on copper (4200 dollars), on nickel (12000 dollars), lead (1400 dollars) and zinc (1450 dollars) . For tin key support is level 12500 dollars, and that time as decrease in aluminium below 1240 dollars will testify to deepening of correction to 1350/ 1300 dollars As a whole, in our opinion, the share markets and dynamics of dollar will continue to dictate a direction. Fundamentally in immediate prospects there will be a spirit on decrease with small awakening of investors which, at last, have understood that the market has gone too far during last rally while the Chinese purchases alone cannot correct deep damages of global economy “ A.Krjuchenkov summarised.