SHANGHAI, Jan 4 (SMM)－
Copper: LME copper was under pressure to move towards the 10-day moving average and it is expected to trade at $7,130-7,180/mt today. The main contract SHFE copper is to trade at 54,500-55,500 yuan/mt. In the spot market, the discounts are likely to be narrowed to 90-50 yuan/mt today.
Nickel: Nickel futures saw downward correction pressure as Chinese domestic stainless steel demand remains weak. We expect LME nickel to trade in a narrow range today while the SHFE 1805 contract to trade at 97,100-98,500 yuan/mt. Spot prices are seen at 96,600-98,000 yuan/mt today.
Aluminium: LME aluminium fell below the 5-day moving average and is expected to go weaker at $2,200-2,240/mt today. SHFE aluminium is also set to drop and may test support at 15,000 yuan/mt. We expect trading range at 14,980-15,210 yuan/mt.
Tin: LME tin is expected to rangebound with support at $19,600/mt and pressure at $20,000/mt today. SHFE tin is expected to rangebound at 143,500-145,500 yuan/mt under pressure and limit the spot price movement at 141,500-144,000 yuan/mt.
Zinc: LME zinc came down as the 10-year high it achieved over the past few days was not sustainable without the support of the fundamentals. We see LME zinc to rangebound at $3,310-3,350/mt today and SHFE zinc at 25,500-25,900 yuan/mt.
Lead: All technical indicators suggested that SHFE lead is to stay rangebound at high levels in the near term.
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