MMi Daily Iron Ore Report (March 29)
DCE iron ore futures opened high and fell, breaking the previous low and reaching 737 points. The main contract I2409,closed at 740, an decrease of 2.44% throughout the day;
Copper inventories in the domestic bonded zones grew
As of Thursday March 28, copper inventories in the domestic bonded zones grew 2,500 mt from March 21 to 59,800 mt, according to the latest SMM survey.
Expectations over production cuts supported copper prices
The US dollar strengthened in the week ending March 29, running above the 5-day moving average; that weighed on copper prices early in the week. LME copper prices met resistance from the 10-day moving average. On Tuesday, the most active SHFE copper contract also met resistance from the 10-day moving average.
[Indonesia Sticks to Nickel Production Expansion Plan, Competitors Forced to Shut Down Mines]
According to a report from the Financial Times, a senior government official in Indonesia stated that the country will continue to push forward with its plan to expand nickel production, despite oversupply forcing competitors to close nickel mines. The country's goal is to keep nickel prices low and safeguard the long-term demand for this crucial metal in electric vehicle batteries.
Shanghai copper closed higher and recorded its largest monthly gain in 16 months.
According to foreign reports on March 29th, Shanghai copper prices reached their highest monthly increase in 16 months at the end of March amid prospects of reduced supply. The most active May copper futures contract on the Shanghai Futures Exchange rose by 350 yuan or 0.48% on Friday, closing at 72,530 yuan per ton.