Futures: SMM Evening Comments (Dec 26)-Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Aluminium
  • Copper scrap
  • 铜管/铜管
  • Rare earth
  • MMi Iron Ore Port Index
  • Macroeconomics
  • Market commentary
  • Copper
  • Zinc
  • provisional iron ore export permits
  • Evening comments
  • Operating rates

Futures: SMM Evening Comments (Dec 26)

Price Review & Forecast 05:38:44PM Dec 26, 2017 Source:SMM

SHANGHAI, Dec 26 (SMM)-Nonferrous metals rallied in the afternoon with tin surging over 2% and copper rising slightly. Aluminium saw losses narrowed and closed at 1% lower. Nickel, lead and zinc all closed slightly lower. 

Ferrous metals were still weak with iron ore leading the loss with 3% drop. Coke and coking coal were down nearly 3%, while rebar and hot-rolled coil slipped close to 1%.

Copper: Expectation of limited scrap copper supply following the release of the first batch of scrap import permits in 2018 sent SHFE copper above 55,000 yuan/mt today. We expect the price to go up further towards the level of 56,000 yuan/mt.

Aluminium: Aluminium is set to stay in the range of 14,450-14,850 yuan/mt tonight.

Zinc: Position reduction with fund outflow continued to dominate the SHFE zinc contract today. It is expected to trade rangebound around the 25,400 yuan/mt level tonight.

Lead: Lead price is expected to test the support at the 20-day moving average tonight.

Nickel: There is little news at the macro level tonight but investors would be watching any potential upward movement for nickel.

Tin: Tin price outshined other base metals today and it is likely to keep moving up in the near term. Fundamentals have improved as inventory dropped following production cuts at smelters.

 


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 26)

Price Review & Forecast 05:38:44PM Dec 26, 2017 Source:SMM

SHANGHAI, Dec 26 (SMM)-Nonferrous metals rallied in the afternoon with tin surging over 2% and copper rising slightly. Aluminium saw losses narrowed and closed at 1% lower. Nickel, lead and zinc all closed slightly lower. 

Ferrous metals were still weak with iron ore leading the loss with 3% drop. Coke and coking coal were down nearly 3%, while rebar and hot-rolled coil slipped close to 1%.

Copper: Expectation of limited scrap copper supply following the release of the first batch of scrap import permits in 2018 sent SHFE copper above 55,000 yuan/mt today. We expect the price to go up further towards the level of 56,000 yuan/mt.

Aluminium: Aluminium is set to stay in the range of 14,450-14,850 yuan/mt tonight.

Zinc: Position reduction with fund outflow continued to dominate the SHFE zinc contract today. It is expected to trade rangebound around the 25,400 yuan/mt level tonight.

Lead: Lead price is expected to test the support at the 20-day moving average tonight.

Nickel: There is little news at the macro level tonight but investors would be watching any potential upward movement for nickel.

Tin: Tin price outshined other base metals today and it is likely to keep moving up in the near term. Fundamentals have improved as inventory dropped following production cuts at smelters.

 


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

Key Words:  copper   aluminium   lead   zinc   tin   nickel