SHANGHAI, Jan 11 (SMM)－
Copper: LME copper sees support at $7,100/mt and is expected to trade at $7,100-7,200/mt today, while the SHFE 1803 copper is expected to trade at 54,600-55,500 yuan/mt. Spot premiums are set to be stable today at flat to 50 yuan/mt with the approaching futures delivery.
Zinc: LME zinc remained firm with low inventory. We expect it to trade between the five-day and 10-day moving averages at $3,325-3,375/mt. SHFE zinc did not perform as well as is western counterpart and is expected to trade at 25,850-26,300 yuan/mt due to weak demand and cautious fund movement.
Aluminium: LME aluminium sees pressure at the five-day moving average and is expected to trade at $2,165-2,195/mt. SHFE aluminium, on the other hand, is supported at the 15,000 yuan/mt level. Spot discounts are to move at 170-130 yuan/mt today.
Tin: LME tin sees upper pressure at $20,100/mt but it may gather enough momentum to break through the level. SHFE tin is expected to trade at 145,000-146,000 yuan/mt with spot prices at 143,000-144,500 yuan/mt today.
Nickel: News of mine suspension in Zambales in the Philippines is set to support nickel prices and attract inflows of funds. We expect the SHFE 1805 nickel contract to trade at 101,000-103,200 yuan/mt today with spot prices at 100,500-102,600 yuan/mt.
Lead: SHFE lead trade around 5-day moving average in rangebound with limited upward momentum and firm support below, which is expected to keep this tendency today.
For editorial queries, please contact Daisy Tseng at firstname.lastname@example.org
For more information on how to access our research reports, please email email@example.com