SMM Morning Comments (Jan 8)

Price Review & Forecast 09:37AM Jan 08, 2018 Source:SMM

SHANGHAI, Jan 8 (SMM)-

Copper:  LME copper fell below the 10-day moving average and is expected to stay soft at $7,090-7,140/mt today with support at $7,000/mt. The SHFE 1803 copper is expected to trade at 54,300-54,800 yuan/mt. Spot prices are expected at 20 yuan/mt discount to 30 yuan/mt premiums today.

Aluminium: The support of the 10-day moving averages became weaker for LME aluminium it is expected to trade at $2,190-2,229/mt today. While SHFE aluminium is expected to trade at 14,970-15,140 yuan/mt, spot discounts are to move at 200-160 yuan/mt.

Nickel: Nickel prices remained high but downstream demand has not grown much. While LME nickel is expected to rangebound at high level, the SHFE 1805 nickel is to trade at 97,000-98,500 yuan/mt today. Spot prices are seen to trade at 96,500-98,300 yuan/mt.

Zinc: Concerns over zinc supply reinforces its fundamentals, leaving LME zinc at high level at $3,335-3,385/mt today. SHFE zinc, on the other hand, is expected to trade at 25,700-26,150 yuan/mt today.

Tin: LME tin sees upper pressure at 20,000 yuan/mt while SHFE tin is expected to trade at 144,500-146,000 yuan/mt with pressure at the five-day moving average. Spot prices are seen at 142,000-144,500 yuan/mt today with support from the smelters.

 


For editorial queries, please contact Daisy Tseng at daisy@smm.cn 
For more information on how to access our research reports, please email service.en@smm.cn 


 

Key Words:  copper   aluminium   lead   zinc   tin   nickel 

SMM Morning Comments (Jan 8)

Price Review & Forecast 09:37AM Jan 08, 2018 Source:SMM

SHANGHAI, Jan 8 (SMM)-

Copper:  LME copper fell below the 10-day moving average and is expected to stay soft at $7,090-7,140/mt today with support at $7,000/mt. The SHFE 1803 copper is expected to trade at 54,300-54,800 yuan/mt. Spot prices are expected at 20 yuan/mt discount to 30 yuan/mt premiums today.

Aluminium: The support of the 10-day moving averages became weaker for LME aluminium it is expected to trade at $2,190-2,229/mt today. While SHFE aluminium is expected to trade at 14,970-15,140 yuan/mt, spot discounts are to move at 200-160 yuan/mt.

Nickel: Nickel prices remained high but downstream demand has not grown much. While LME nickel is expected to rangebound at high level, the SHFE 1805 nickel is to trade at 97,000-98,500 yuan/mt today. Spot prices are seen to trade at 96,500-98,300 yuan/mt.

Zinc: Concerns over zinc supply reinforces its fundamentals, leaving LME zinc at high level at $3,335-3,385/mt today. SHFE zinc, on the other hand, is expected to trade at 25,700-26,150 yuan/mt today.

Tin: LME tin sees upper pressure at 20,000 yuan/mt while SHFE tin is expected to trade at 144,500-146,000 yuan/mt with pressure at the five-day moving average. Spot prices are seen at 142,000-144,500 yuan/mt today with support from the smelters.

 


For editorial queries, please contact Daisy Tseng at daisy@smm.cn 
For more information on how to access our research reports, please email service.en@smm.cn 


 

Key Words:  copper   aluminium   lead   zinc   tin   nickel