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Tags: SHFE copper prices,  SHFE aluminum prices,  aluminium circle,  SHFE zinc prices,  Shanghai tin prices,  Shanghai nickel prices

SHANGHAI, Jan. 13 (SMM) – Oil prices across the world fell further last week. Risks reemerged that Greece may exit the euro zone. European and US stocks both trended lower. As such, risk aversion sentiment grew, sending the US dollar index above 92 and helping with a rebound in gold. Base metals prices, in contrast, were under pressure, with the SMMI down 1.16%. Copper and aluminum remained subdued, but nickel and tin recouped earlier losses to bottom out. LME and SHFE copper was down 2.8% and 2.2%, respectively. A rise in the SHFE/LME copper price ratio led to influxes of imported copper, while the large price gap between SHFE 1501 and 1502 copper contracts prompted cargo holders to sell. The resulting oversupply caused spot copper to trade at a discount across the board. SMMI.Cu recorded the biggest fall of 1.8%. LME aluminum dipped to USD 1,773/mt, down for a seventh straight week, while SHFE aluminum fell over 5% to RMB 12,755/mt. Spot aluminum was noticeably resistant to declines and was quoted at a premium without any sharp increase in supply. SMMI.Al was down 1.64% as downstream producers were unwilling to replenish input inventories in quantity following the New Year holiday. LME nickel rose by over 4%, aided by buying force. The Jinchuan Group raised Daban nickel price to RMB 111,000/mt. SMMI.Ni was up 1.97%. LME tin surged more than 5% at one stage January 2, but later pulled back. SMM.Sn was up only 0.98% as demand remained weak. China’s zinc smelters ramped up sales after the New Year holiday, while large volumes of imported zinc flowed to the market, both causing spot premiums to narrow. SMMI.Zn was down 0.1%. SMMI.Pb was unchanged last week as lead smelters sold consistently and downstream producers went bargain-hunting in light volumes. Base metals prices remain depressed by a strengthening US dollar and falling crude oil prices. Copper SHFE most active copper contract prices dropped from RMB 45,500/mt to RMB 44,500/mt, shedding 2.2% and with the low-end price at RMB 43,980/mt.
from metal.com