Futures: SMM Evening Comments (Dec 22)-Shanghai Metals Market

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Futures: SMM Evening Comments (Dec 22)

Price Review & Forecast 07:05:11PM Dec 22, 2017 Source:SMM

SHANGHAI, Dec 22 (SMM)- Nonferrous metals mostly rebounded in the afternoon trading session with copper, lead and zinc finishing higher. SHFE tin, aluminium and nickel closed lower.

Ferrous market, on the other hand, remained firm with rebar leading the gains at 2.6% up. While hot-rolled coil and iron ore rose some 2%, coking coal and coke were up around 1%.

Copper: SHFE copper fell before it traded higher today. Longs have increased their positions for four consecutive days this week, driving up the copper price. It is likely to maintain the momentum tonight and hit 55,000 yuan/mt level.

Zinc: Zinc saw investors on both sides reduce their positions with an outflow of capital. It is expected to be rangebound at around 25,500 yuan/mt tonight without the guidance of the LME market.

Tin: SHFE tin is set to be rangebound as the changing of contract month approaches. We see the 1805 contract trade at 140,000-141,000 yuan/mt with upper resistance at 142,000 yuan/mt and support level at 139,000 yuan/mt.  

Aluminium:  Natural gas rationing will have little influence on alumina output next week so the price has further downward room. Besides, the inventory will not drop considering orders from downstream companies. Most companies will settle accounts during next week——the last trading week in 2017, which makes it more difficult to reach transaction. Funds factor is another factor to suppress activeness on aluminium futures price. Hence main contract of SHFE aluminium is expected to trade at 14,350-14,750 yuan/mt.

Lead: Lead price moved between 5-day and 10-day moving averages, which is expected to break through this position tonight.

Nickel: It is remarkable to see whether nickel price can guard current level tonight. US individual income, consumption and new home sale number is likely to give guidance to the market tonight.


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

Key Words:  copper   aluminium   lead   zinc   tin   nickel 

Futures: SMM Evening Comments (Dec 22)

Price Review & Forecast 07:05:11PM Dec 22, 2017 Source:SMM

SHANGHAI, Dec 22 (SMM)- Nonferrous metals mostly rebounded in the afternoon trading session with copper, lead and zinc finishing higher. SHFE tin, aluminium and nickel closed lower.

Ferrous market, on the other hand, remained firm with rebar leading the gains at 2.6% up. While hot-rolled coil and iron ore rose some 2%, coking coal and coke were up around 1%.

Copper: SHFE copper fell before it traded higher today. Longs have increased their positions for four consecutive days this week, driving up the copper price. It is likely to maintain the momentum tonight and hit 55,000 yuan/mt level.

Zinc: Zinc saw investors on both sides reduce their positions with an outflow of capital. It is expected to be rangebound at around 25,500 yuan/mt tonight without the guidance of the LME market.

Tin: SHFE tin is set to be rangebound as the changing of contract month approaches. We see the 1805 contract trade at 140,000-141,000 yuan/mt with upper resistance at 142,000 yuan/mt and support level at 139,000 yuan/mt.  

Aluminium:  Natural gas rationing will have little influence on alumina output next week so the price has further downward room. Besides, the inventory will not drop considering orders from downstream companies. Most companies will settle accounts during next week——the last trading week in 2017, which makes it more difficult to reach transaction. Funds factor is another factor to suppress activeness on aluminium futures price. Hence main contract of SHFE aluminium is expected to trade at 14,350-14,750 yuan/mt.

Lead: Lead price moved between 5-day and 10-day moving averages, which is expected to break through this position tonight.

Nickel: It is remarkable to see whether nickel price can guard current level tonight. US individual income, consumption and new home sale number is likely to give guidance to the market tonight.


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

Key Words:  copper   aluminium   lead   zinc   tin   nickel