Exclusive: SMM Morning Comments (Dec.12)

Published: Dec 12, 2017 09:24

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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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copper aluminium lead zinc tin nickel

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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