All metals futures up, coking coal sees upper limit (Dec 18)

Published: Dec 18, 2017 18:20

Save

Both ferrous and nonferrous futures traded higher today. Nickel led the gains to close at 4% higher, while both tin and lead rose about 2%. Copper and zinc registered over 1% increase.

SHANGHAI, Dec 18 (SMM)－Both ferrous and nonferrous futures traded higher today. Nickel led the gains to close at 4% higher, while both tin and lead rose about 2%. Copper and zinc registered over 1% increase.

In the ferrous complex, coking coal surged 8% to the upper limit in the afternoon session, while iron ore and coke jumped some 7%. Rebar was up 2% and hot-rolled coil saw close to 1% increase.

Copper: The upward room remains if copper can break through its previous plateau. Limited macroeconomic news is expected tonight.

Aluminium: Aluminium price is expected to rangebound under pressure at 20-day moving average. Recommend multiple short-term orders with small volume at low price.

Nickel: The final value for Eurozone’s November CPI would guide the market tonight when participants would also watch out for resistance at the 40-day moving averages.

Lead: Rangebound trading is likely to dominate the SHFE lead market tonight. The 1802 contract saw increasing liquidity today with traded volumes up 80% to 46,154 lots. The shift of the main contract is set to complete shortly.

Tin: The rally today was mostly due to shorts taking profits as physical delivery is around the corner. In fact, there is still need for shorts to cut their positions and we see upper resistance at 137,500-140,000 yuan/mt.

Zinc: The downward trend was broken today and we expect zinc prices to stand above all moving averages. However, few physical transactions were heard in the three major spot markets and sentiment is likely to be volatile.

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

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

13 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

13 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

13 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

13 hours ago