SMM Morning Comments (Jan 17)

Published: Jan 17, 2018 09:45

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SHANGHAI, Jan 17 (SMM)－

Copper: LME copper is expected to trade at $7,030-7,230/mt while the SHFE 1803 contract is to trade at 53,450-54,600 yuan/mt. On the spot market, the discounts are expected to move at 160-120 yuan/mt.

Aluminium: LME aluminium is expected to trade at $2,180-2,200/mt with support at the 20-day moving average while SHFE aluminium is expected to trade at 14,500-14,750 yuan/mt with support at 14,500 yuan/mt. Spot discounts are seen at 90-50 yuan/mt.

Nickel: With bearish sentiment in the market, LME nickel still faces downward pressure while the SHFE 1805 contract is expected to trade at 96,000-97,800 yuan/mt with spot price at 95,700-97,500 yuan/mt today.

Zinc: LME zinc is expected to trade at $3,385-3,430/mt today as low inventories continue and supplies tighten. SHFE zinc has dropped below the five and 10-day moving averages, which is expected to trade at 25,900-26,350 yuan/mt today due to weak domestic demand.

Lead: SHFE lead rallied and finished at 19,000 yuan/mt. With great pressure above, the price is expected to trade in a weak rangebound in the short term.

Tin: LME tin see upper pressure at $20,500/mt and is expected to keep rangebound at a high level in the short term. SHFE tin is expected to trade at 144,000-145,500 yuan/mt under pressure. We see spot prices at 143,500-145,000 yuan/mt today.

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copper aluminium lead zinc tin nickel

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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