SHANGHAI, Jan. 15 (SMM) – Copper tumbled to a 5-1/2 year low on Wednesday after a wave of stop-loss selling, and the panic also spilled into other metals.
Which direction will base metals market will trade after yesterday’s sharp losses?
Bearish sentiment will remain in the market, but the fall in metals market is expected to ease on Thursday due to technical upward correction, Shanghai Metals Market foresees.
LME copper will test support at $5,500 per tonne, and to move between $5,450-5,550 per tonne. SHFE 1503 copper will range between 39,800-40,800 yuan per tonne.
LME aluminum will trade at $1,780-1,800 per tonne. The most active SHFE aluminum contract should move between 12,650-12,750 yuan per tonne.
LME zinc prices are expected to move between $2,025-2,055 per tonne. SHFE 1503 zinc contract prices will move between 15,650-15,850 yuan per tonne
LME lead will trade at $1,730-1,780 per tonne, and SHFE 1503 lead will fluctuate between 11,870-12,100 yuan per tonne.
Nickel prices in China’s spot market will range between 105,400-107,400 yuan per tonne.
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