SHANGHAI, Dec 29 (SMM)－
Copper: LME copper has a chance to reach $7,400/mt in the near term as investors’ bullish sentiment outweighed weak demand in the physical market and global inventory remained low. In addition, the lower benchmark copper concentrate treatment charges (TCs) for 2018 also reflected a tightness in concentrate supply. We expect LME copper to trade at $7,260-7,320/mt today and the SHFE 1803 copper at 55,600-56,100 yuan/mt. Spot transactions are set to be limited during the last trading day of this year with a discount at 260-210 yuan/mt.
Aluminium: LME aluminium is expected to stay strong at $2,255-2,290/mt today. SHFE aluminium followed the movement of its western counterpart and rose to 15,200 yuan/mt, while we expect today’s trading range at 15,050-15,250 yuan/mt. Spot discount is set to widen further to 410-370 yuan/mt.
Zinc: Investors are more likely to reduce their positions and avoid taking risk at the last trading day of 2017. We expect LME zinc to trade at $3,265-3,310/mt and SHFE zinc at 25,350-25,800 yuan/mt. No night trading session today due to the New Year holiday.
Nickel: We see room for LME nickel to go up further while the SHFE 1805 contract is expected to trade at 96,600-98,200 yuan/mt today. The spot price is to move at 96,000-97,400 yuan/mt.
Tin: LME tin will continue to test the upper resistance at 20,000 yuan/mt, and the SHFE contract is expected to trade at 143,500-146,000 yuan/mt today. Spot trading would be lacklustre today with price at 140,500-142,000 yuan/mt.
Lead: SHFE lead continued to move above all moving averages with pressure at 19,300 yuan/mt. it is expected to be rangebound today.
For news cooperation, please contact us by email: email@example.com or firstname.lastname@example.org.