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SMM Evening Comments (Jan 8)
Jan 8,2018 18:27CST
price review forecast
SMM Evening Comments (Jan 8)


Nonferrous metals traded lower today except for the slight rise in zinc price. While lead was stable, aluminium and copper dropped close to 1%. Nickel and tin also edged down.  

Ferrous metals saw a rather strong movement today. Iron ore and coking coal rose almost 3%, while coke, hot-rolled coil and rebar rose nearly 1%.

Copper: We see room for SHFE copper prices to go lower in the near term as changes in open interest could be key. There is little economic indicators tonight.

Aluminium: We keep bearish at aluminium price in the short term considering bad fundamentals but still need to focus on supporting strength at 15,000 yuan/mt.

Lead: SHFE lead recorded a long upper shadow with upper pressure at 19,500 yuan/mt. The price is estimated to keep rangebound at high level with below support from moving averages.

Zinc: Funds remained bullish on zinc consumption as LME prices gave support to that of SHFE. The Chinese contract is expected to trade at the 26,000 yuan/mt level tonight.

Tin: SHFE tin is testing support of the 10-day moving average below and will keep rangebound in the near term.

Nickel: SHFE nickel saw an outflow of funds up to 175 million yuan today while the price support was seen at the 10-day moving average. We expect the contract to be rangebound later tonight. 

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For more information on how to access our research reports, please email service.en@smm.cn

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