SHFE base metals move up, lead surges 3.7% (Dec 12)-Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Aluminium
  • Copper scrap
  • 铜管/铜管
  • Rare earth
  • MMi Iron Ore Port Index
  • Macroeconomics
  • Market commentary
  • Copper
  • Zinc
  • provisional iron ore export permits
  • Evening comments
  • Operating rates

SHFE base metals move up, lead surges 3.7% (Dec 12)

Price Review & Forecast 05:25:20PM Dec 12, 2017 Source:SMM

SHANGHAI, Dec 12 (SMM)-Nonferrous metals trading  on the SHFE was supported by bullish news today and the upward momentum in the morning continued in the afternoon. Lead led the gains with a 3.7% surge while nickel rose over 1%. Zinc and copper also registered close to 1% increase. Tin and aluminium, however, saw slight drops.

In the ferrous complex, trading was mixed on Tuesday with coke and coking coal up slightly. Iron ore and rebar dropped close to 1% while hot rolled coil moved down slightly. 

Copper: Copper prices are likely to be range-bound in the near term. Market participants will look for US PPI monthly data in November for direction tonight. 

Aluminium: The bears and bulls look set to hold on to their positions with current aluminium prices. Taking a wait-and-see approach is recommended. 

Nickel: The US PPI monthly data in November again is set to guide the nickel movement tonight. 

Zinc: Both the bears and bulls have been reducing their positions today and zinc is likely to trade below 25,000 yuan/mt tonight with limited upward momentum. Without the direction of fundamentals, funds seemed to be trading in a prudent way. 

Tin: Tin saw a weak performance today and the support level of 13,700 yuan/mt is likely to be tested in the near term.

Lead: Lead has finally reached the 19,000 yuan/mt level today with bullish sentiment dominating the market due to news of smelters' limited production. However, pressure remains at the 60-day moving average.

 


For news cooperation, please contact us by email: gaotian@smm.cn or service.en@smm.cn. 

Key Words:  copper   aluminium   lead   zinc   tin   nickel 

SHFE base metals move up, lead surges 3.7% (Dec 12)

Price Review & Forecast 05:25:20PM Dec 12, 2017 Source:SMM

SHANGHAI, Dec 12 (SMM)-Nonferrous metals trading  on the SHFE was supported by bullish news today and the upward momentum in the morning continued in the afternoon. Lead led the gains with a 3.7% surge while nickel rose over 1%. Zinc and copper also registered close to 1% increase. Tin and aluminium, however, saw slight drops.

In the ferrous complex, trading was mixed on Tuesday with coke and coking coal up slightly. Iron ore and rebar dropped close to 1% while hot rolled coil moved down slightly. 

Copper: Copper prices are likely to be range-bound in the near term. Market participants will look for US PPI monthly data in November for direction tonight. 

Aluminium: The bears and bulls look set to hold on to their positions with current aluminium prices. Taking a wait-and-see approach is recommended. 

Nickel: The US PPI monthly data in November again is set to guide the nickel movement tonight. 

Zinc: Both the bears and bulls have been reducing their positions today and zinc is likely to trade below 25,000 yuan/mt tonight with limited upward momentum. Without the direction of fundamentals, funds seemed to be trading in a prudent way. 

Tin: Tin saw a weak performance today and the support level of 13,700 yuan/mt is likely to be tested in the near term.

Lead: Lead has finally reached the 19,000 yuan/mt level today with bullish sentiment dominating the market due to news of smelters' limited production. However, pressure remains at the 60-day moving average.

 


For news cooperation, please contact us by email: gaotian@smm.cn or service.en@smm.cn. 

Key Words:  copper   aluminium   lead   zinc   tin   nickel