SMM Morning Comments (May 17)

Telah Terbit: May 17, 2018 09:46
SMM Morning Comments

SHANGHAI, May 17 (SMM) –

Copper: LME copper stood around the 40-day moving average overnight with strong upward momentum. Overnight, the SHFE 1807 contract touched the five-day moving average above, with resistance. We expect LME copper to trade at $6,830-6,880/mt and the SHFE 1807 contract at 50,900-51,400 yuan/mt during the day. As prices of futures rose, spot discounts are likely to stand between 130-80 yuan/mt, with active transactions for high-quality copper.

Aluminium: LME aluminium dipped to a low of $2,302/mt during the European trading session last night, but closed slightly higher at $2,311.5/mt. It is likely to trade rangebound at $2,280-2,320/mt today. The SHFE 1807 contract also inched up overnight with support from longs. Investors will take cues from the US-Sino trade conflict and transactions in the zinc spot market in the short term. The contract is expected to trade at 14,750-14,950 yuan/mt today with spot discounts at 100-60 yuan/mt. 

Zinc: LME zinc traded robustly overnight with guidance from its SHFE counterpart. It opened above the five-day moving average with pressure above at $3,100/mt. We see it trading at $3,060-3,110/mt today. The SHFE 1807 contract strengthened last night as overall positions fell. It is likely to trade at 23,500-24,000 yuan/mt today. 

Nickel: LME nickel consolidated around the daily moving average overnight. The SHFE 1807 contract fell and traded around the daily moving average after hitting a high of 108,130 yuan/mt overnight. We expect LME nickel to trade weakly rangebound today and the SHFE 1807 contract to trade at 106,900-108,900 yuan/mt with spot prices at 106,400-108,400 yuan/mt.

Tin: LME tin traded under pressure overnight with slightly lower trading levels. The SHFE 1809 contract opened lower and traded rangebound overnight. Its trading level edged down towards the 145,000 yuan/mt level at one point. We expect the contract to remain rangebound under pressure and test support at the 145,000 yuan/mt level today.

Lead: LME lead edged down overnight due to a stronger US dollar and an increase of 600 mt in LME lead inventory. It is expected to hover around the five-day moving average in the short term. The SHFE 1806 contract tested highs but stopped climbing at 19,635 yuan/mt. We see it trading rangebound today with much pressure above. The dominant contract is expected to move to 1807 in the near term.

 


For editorial queries, please contact Daisy Tseng at daisy@smm.cn 
For more information on how to access our research reports, please email service.en@smm.cn

Pernyataan Sumber Data: Kecuali informasi yang tersedia untuk publik, semua data lainnya diproses oleh SMM berdasarkan informasi publik, komunikasi pasar, dan mengandalkan model database internal SMM. Hanya untuk referensi dan tidak menjadi rekomendasi pengambilan keputusan.

Untuk pertanyaan atau informasi lebih lanjut, silakan hubungi: lemonzhao@smm.cn
Untuk informasi lebih lanjut tentang cara mengakses laporan penelitian kami, hubungi:service.en@smm.cn
Berita Terkait
Data: Pergerakan pasar SHFE, DCE (06 Agu)
1 jam yang lalu
Data: Pergerakan pasar SHFE, DCE (06 Agu)
Baca Selengkapnya
Data: Pergerakan pasar SHFE, DCE (06 Agu)
Data: Pergerakan pasar SHFE, DCE (06 Agu)
Tabel berikut menunjukkan pergerakan logam besi dan non-besi di SHFE dan DCE pada 6 Agustus 2026.
1 jam yang lalu
Pengiriman Tembaga Melonjak ke AS di Tengah Premi Harga COMEX-LME dan Ketidakpastian Tarif
1 jam yang lalu
Pengiriman Tembaga Melonjak ke AS di Tengah Premi Harga COMEX-LME dan Ketidakpastian Tarif
Baca Selengkapnya
Pengiriman Tembaga Melonjak ke AS di Tengah Premi Harga COMEX-LME dan Ketidakpastian Tarif
Pengiriman Tembaga Melonjak ke AS di Tengah Premi Harga COMEX-LME dan Ketidakpastian Tarif
Pengiriman tembaga ke Amerika Serikat terus melonjak karena para pedagang berusaha memanfaatkan premi harga antara pasar COMEX dan London Metal Exchange (LME) menjelang potensi keputusan AS mengenai tarif impor tembaga olahan. Menurut data pengiriman IHS Markit, lebih dari 200.000 ton tembaga olahan tiba di pelabuhan-pelabuhan AS selama bulan Juli, menandai arus masuk bulanan tertinggi dalam lebih dari satu dekade. Gabungan persediaan yang disimpan di fasilitas COMEX dan LME di Amerika Serikat kini telah melampaui 740.000 ton, sementara material tambahan masih tersimpan di pelabuhan-pelabuhan AS menunggu pengiriman. Pergerakan logam ke AS telah memperketat ketersediaan di pusat-pusat perdagangan utama lainnya. Pelaku pasar melaporkan penurunan persediaan yang signifikan di gudang berikat di Shanghai, di mana stok telah anjlok sejak awal tahun karena kargo dialihkan ke AS untuk memanfaatkan peluang arbitrase yang menguntungkan. Premi tembaga COMEX terhadap harga LME tetap jauh di atas norma historis, memberikan margin yang cukup untuk mengimbangi biaya transportasi, asuransi, dan pergudangan. Pergeseran ini terjadi saat pemerintah AS terus mengevaluasi potensi tarif terhadap impor tembaga olahan. Meskipun waktu dan cakupan tindakan apa pun masih belum pasti, prospek pembatasan perdagangan di masa depan telah membentuk kembali arus perdagangan global dan distribusi persediaan. Migrasi berkelanjutan persediaan tembaga ke Amerika Serikat memperketat ketersediaan fisik di pasar internasional dan mendukung prospek pasokan yang lebih ketat di luar Amerika Utara. Penundaan, revisi, atau pembatalan tarif impor AS yang diusulkan dapat mempersempit premi harga COMEX-LME, berpotensi membalikkan sebagian pergerakan persediaan baru-baru ini dan meningkatkan volatilitas harga jangka pendek.
1 jam yang lalu
Harga tembaga terus naik, konsumsi hilir lemah, perdagangan spot lesu [SMM South China Copper Cathode Spot Weekly Review]
1 jam yang lalu
Harga tembaga terus naik, konsumsi hilir lemah, perdagangan spot lesu [SMM South China Copper Cathode Spot Weekly Review]
Baca Selengkapnya
Harga tembaga terus naik, konsumsi hilir lemah, perdagangan spot lesu [SMM South China Copper Cathode Spot Weekly Review]
Harga tembaga terus naik, konsumsi hilir lemah, perdagangan spot lesu [SMM South China Copper Cathode Spot Weekly Review]
1 jam yang lalu