SMM Inclusive Morning Comments (2017-11-24)

Published: Nov 24, 2017 10:10

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SHANGHAI, Nov.24 (SMM)－

Copper: Premium of spot has obviously stabilized with sufficient stock. But goods of low price is hard to find now. Spot premium is expected to move between discount 140-80 yuan per tonne.

Aluminium: Main contract of SHFE Aluminium broke upward 5-day moving average, testing supporting effect of 15,000. The overall situation is easy to drop but hard to rise. Today it is estimated to move between 14,900-15,100 yuan per tonne, with premium of 160-120 yuan per tonne.

Zinc: SHFE Zinc keeps stable tendency with reducing positions which is inferior to LME Zinc in tendency. Light trading in spot market suppresses SHFE Zinc to some extent. Today SHFE Zinc is estimated to move between 25,250-25,700 yuan per tonne.

Nickel: Fundamentals of nickel has not got better. Today LME Nickel is expected to reorganize. Main contract 1805 of SHFE Nickel is to move between 94,700-96,100 yuan per tonne, with sport price at 94,200-95,200 yuan per tonne.

Tin: Last night SHFE Tin recognized at low level below all moving averages. Today it is estimated to move between 141,000-143,000 yuan per tonne.

Lead: SHFE Lead moved below all moving averages with strong support at 18,200. With adhesive 10-day and 20-day moving averages. It is estimated to keep volatile today with 18,400-18,700 yuan per tonne.

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copper aluminium lead zinc tin nickel

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