Which Direction Will Metals Market Trade After Wednesday’s Tumbles?-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Rare earths
  • Rare earth
  • Market commentary
  • Aluminium
  • Zinc
  • Iron ore
  • Copper
  • Macroeconomics
  • Sales data
  • MMi Iron Ore Port Index
  • precious metals
  • Nickel
  • Futures movement
  • Tin

Which Direction Will Metals Market Trade After Wednesday’s Tumbles?

Industry News 10:00:03AM Jan 15, 2015 Source:SMM

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.  

Copper
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. 
 
Aluminum 
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. 
 
Zinc 
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
 
Lead 
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 
Nickel prices in China’s spot market will range between 105,400-107,400 yuan per tonne.  
 
For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.  

Which Direction Will Metals Market Trade After Wednesday’s Tumbles?

Industry News 10:00:03AM Jan 15, 2015 Source:SMM

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.  

Copper
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. 
 
Aluminum 
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. 
 
Zinc 
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
 
Lead 
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 
Nickel prices in China’s spot market will range between 105,400-107,400 yuan per tonne.  
 
For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.