SHANGHAI, Dec.12 (SMM)－
Copper: Copper: LME copper is set to move between $6,620-6,675/mt today whereas the most liquid contract of SHFE copper is set to trade between 52,000 and 52,500 yuan/mt. In the spot market, inventories in Shanghai stay sufficient with a flat premium, while premiums in Guangdong was up to 250 yuan due to low inventory.
Nickel: LME nickel is likely to see a weakening upward momentum today with the main contract of SHFE nickel moving within the 88,800-90,800 yuan range. Spot prices, on the other hand, would trade between 88,500 and 90,600 yuan/mt.
Aluminium: LME aluminium prices have stopped dropping, as expected, and they’re likely to break the five-day moving average today to trade at $2,015-2,045/mt. SHFE aluminium is also likely to reach above the 10-day moving average to trade at 14,280-14,600 yuan/mt. Spot premium remains at a discount of 150-110 yuan/mt.
Zinc: LME zinc is estimated to move between $3,100-3,145/mt while SHFE zinc is to move around 24,800-25,250 yuan/mt.
Tin: LME tin is set to be under pressure today though with a support level seen at $19,200/mt. SHFE tin is estimated to move at 13,700-13,900 yuan/mt.
Lead: SHFE lead continuously broke through the 20-day, 10-day, 5-day and 40-day moving averages but pressure remains at 19,000 yuan mt. Trading today is likely to remain volatile.
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