SHANGHAI, Dec.15 (SMM)－
Copper: SHFE copper seems tempted to move upward to 53,000 yuan/mt but pressure exists. Movement today is likely to be in the range of 52,500 and 53,000 yuan/mt today. LME copper, on the other hand, looks set to trade at $6,760-6,810/mt today. In the physical market, spot discount is expected after the futures contract is delivered. Spot discount is expected at 100-60 yuan/mt.
Aluminium: LME aluminium is expected to be rangebound at the 10-day moving average at $2,028-2,065/mt while the main contract on the SHFE is supported by the 5-day moving average, likely trading at 14,280-14,550 yuan/mt. Spot discount will maintain at 130-90 yuan/mt.
Zinc: LME Zinc sees no specific pressure on the technical side but resistance remains at $3,200/mt as it moves upward. LME zinc is expected to be trading at $3,155-3,200/mt today. On the SHFE, more long positions were added following rising prices on the LME. Trading is likely to happen at 25,000-25,450 yuan/mt today.
Nickel: Nickel price is supported by stabilising nickel ore and NPI prices. LME nickel is estimated to trade in a narrow range today, and the main contract of SHFE nickel is to trade at 89,400-90,600 yuan/mt. Spot price is seen at 89,000-90,400 yuan/mt.
Tin: LME tin stabilizes at a relatively low level, with support at $18,600/mt and upper resistance level at $19,200/mt. On the SHFE, tin failed to rally last night and it remains under pressure of the moving averages. While it is estimated to trade at 143,500-145,700 yuan/mt today, spot prices are set to stay at 135,500-136,500 yuan/mt.
Lead: SHFE lead opened low but moved higher to the 5-day moving average level. It is estimated to stay soft today.
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