Exclusive: SMM Morning Comments (Dec 18)-Shanghai Metals Market

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Exclusive: SMM Morning Comments (Dec 18)

Price Review & Forecast 10:25:20AM Dec 18, 2017 Source:SMM

SHANGHAI, Dec18 (SMM)-

Copper: Both SHFE and LME prices jumped on news that two US senators reclaimed support for the tax reform and its implications on further infrastructure investment. Inventories at the SHFE fell some 10,000 lots last week, which signalled restocking demand following lower prices. Inventory levels will continue to be a focus and we see copper price to remain firm in the near term.  

Aluminium: Both LME and the SHFE contracts look set to hit the 20-day moving averages with LME to trade at $2,050-2,080/mt and SHFE at 14,450-14,650 yuan/mt. On the spot market, discounts are likely to widen to 220-180 yuan/mt following futures delivery.

Zinc: LME zinc is testing to trade at $3,180-3,230 yuan/mt today with the market focusing on Eurozone’s adjusted CPI value for the end of November. SHFE zinc is likely to remain firm at 25,250-25,750 yuan/mt today. 

Nickel: Nickel prices were supported by news of China raising provisional tariff for imported nickel ingots. The LME contract is set to trade in a narrow range today while the SHFE contract at 92,100-94,000 yuan/mt. Spot prices are seen at 91,900-93,700 yuan/mt.

Tin: LME tin has rallied back up to the 5-day moving average but short-term resistance remains at $19,500/mt. SHFE tin is estimated to trade at 135,000-137,000 yuan/mt today following a rangebound movement on Friday. An upward momentum on the SHFE is also likely to support the spot price at 136,000-137,000 yuan/mt. 

Lead: SHFE lead traded above the 10-day moving average but upper pressure is set at the 60-day moving average. It is estimated to move in a narrow range in the near term.

 


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

 

Key Words:  copper   aluminium   lead   zinc   tin   nickel 

Exclusive: SMM Morning Comments (Dec 18)

Price Review & Forecast 10:25:20AM Dec 18, 2017 Source:SMM

SHANGHAI, Dec18 (SMM)-

Copper: Both SHFE and LME prices jumped on news that two US senators reclaimed support for the tax reform and its implications on further infrastructure investment. Inventories at the SHFE fell some 10,000 lots last week, which signalled restocking demand following lower prices. Inventory levels will continue to be a focus and we see copper price to remain firm in the near term.  

Aluminium: Both LME and the SHFE contracts look set to hit the 20-day moving averages with LME to trade at $2,050-2,080/mt and SHFE at 14,450-14,650 yuan/mt. On the spot market, discounts are likely to widen to 220-180 yuan/mt following futures delivery.

Zinc: LME zinc is testing to trade at $3,180-3,230 yuan/mt today with the market focusing on Eurozone’s adjusted CPI value for the end of November. SHFE zinc is likely to remain firm at 25,250-25,750 yuan/mt today. 

Nickel: Nickel prices were supported by news of China raising provisional tariff for imported nickel ingots. The LME contract is set to trade in a narrow range today while the SHFE contract at 92,100-94,000 yuan/mt. Spot prices are seen at 91,900-93,700 yuan/mt.

Tin: LME tin has rallied back up to the 5-day moving average but short-term resistance remains at $19,500/mt. SHFE tin is estimated to trade at 135,000-137,000 yuan/mt today following a rangebound movement on Friday. An upward momentum on the SHFE is also likely to support the spot price at 136,000-137,000 yuan/mt. 

Lead: SHFE lead traded above the 10-day moving average but upper pressure is set at the 60-day moving average. It is estimated to move in a narrow range in the near term.

 


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

 

Key Words:  copper   aluminium   lead   zinc   tin   nickel