SHANGHAI, Dec 14 (SMM)－
Copper: With upper adhesive 60-day and 20-day moving average, LME copper may get some resistance of moving up. It is estimated to trade at $6,700-6,760/mt today. The SHFE copper 1802 contract is set to trade at 52,220-52,700 yuan/mt. In the spot market, the large price basis has driven premiums to rise, which is estimated to trade at 50-120 yuan/mt.
Aluminium: LME aluminium lacks support following rising inventory and increasing Chinese aluminium exports. It is estimated to trade rangebound at $2,000-2,025/mt today. Main contract of SHFE aluminium is likely to swing between 14,150 and 14,300 yuan/mt today, with spot premium at a discount of 140-100 yuan/mt.
Zinc: LME zinc may trade in a narrow range around the lower edge of the Bollinger Band, seeking opportunity to move upward. It is forecast to trade at $3,135-3,180/mt today. Market participants would look out for stronger cues with the release of several macroeconomic data sets. SHFE zinc is estimated to trade at 24,950-25,420 yuan/mt.
Nickel: Domestic NPI plants have low purchasing willingness, keeping the nickel ore prices low. Stainless steel plants are also not in full production mode. LME nickel is set to trade in a narrow range today whereas the main contract of SHFE nickel is to move at 88,600-90,100 yuan/mt. Spot nickel prices are heard at 88,400-89,900 yuan/mt.
Tin: LME tin has slumped for two days and is getting close toward the support level at $18,600/mt. However, it remains to be seen whether the support could continue as downward pressure continues. SHFE tin is also testing current support level at 132,000 yuan/mt following a slight drop last night. It is estimated to move at 132,000-134,000 yuan/mt. For the spot market, SHFE tin’s drop is dragging spot prices but the premium has been widening. We see spot prices to trade at 134,500-136,000 yuan/mt.
Lead: LME lead finished higher for four consecutive days but the upward momentum may not sustain further. We see lead to trade range-bound at relatively high levels.
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