SHANGHAI, Dec 26 (SMM)－
Copper: Copper price is likely to stay firm in the near term but pressure has started to build, especially with a lacklustre physical market. SHFE copper is expected to trade at 54,400-55,000 yuan/mt today. Spot discounts are likely to go deeper at 300-240 yuan/mt today as sellers remained keen to offload their cargoes toward the year-end.
Aluminium: SHFE aluminium is set to be rangebound today as LME is closed. Market participants would look for support at the five-day morning average and the movement in the ferrous complex. It is expected to trade at 14,550-14,750 yuan/mt while spot discounts are seen at at 310-270 yuan/mt.
Nickel: The market trading is light at year-end as downstream demand would stay weak. SHFE nickel sees upper pressure at the five-day moving average and support at the 10-day moving average. It is expected to keep trading in a narrow range today. The spot price is to move at 93,000-94,800 yuan/mt.
Zinc: We continue to see investors reducing positions for SHFE zinc at year-end with tighter cash. While support is seen at the 40-day moving average, the contract is likely to trade at 25,150-25,600 yuan/mt today.
Lead: SHFE lead is trading under the pressure at 10-day moving average but support is seen at the 19,000 yuan/mt level.
Tin: SHFE tin is expected to stay rangebound today, at 137,000-138,500 yuan/mt. In the spot market, supply from Yunnan province was limited and we expect the price to be at 138,000-139,500 yuan/mt today.
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