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SMM Morning Comments (Jan 18)
Jan 18,2018 11:21CST
price review forecast
Source:SMM
SMM Morning Comments (Jan 18)

SHANGHAI, Jan 18 (SMM)-

Copper: Prices face downward pressure in the short term. LME copper is expected to trade at $7,000-7,130/mt today while the SHFE 1803 contract is to trade at 53,000-54,200 yuan/mt. On the spot market, discounts are likely to narrow to 160-110 yuan/mt as downstream customers restock.

Aluminium: LME aluminium is expected to stay rangebound at $2,175-2,200/mt today with pressure at $2,200/mt. SHFE aluminium is expected to trade at 14,500-14,700 yuan/mt with support at 14,500 yuan/mt. On the spot market, the discounts are to move at 170-130 yuan/mt.

Lead: SHFE lead finished above the five-day moving average and it is expected to keep rangebound in the short term.

Nickel: With weak downstream consumption, LME nickel is expected to see rangebound trading while SHFE 1805 is to trade at 96,000-97,500 yuan/mt with spot price at 95,500-97,200 yuan/mt.

Zinc: LME zinc is expected to trade at $3,350-3,400/mt today with bullish fundamentals while SHFE zinc is under pressure at 25,700-26,100 yuan/mt today.

Tin: LME tin sees resistance at $20,500/mt and SHFE tin is expected to trade at 144,200-145,200 yuan/mt today. Spot prices are seen at 143,500-145,000 yuan/mt with increased supply.

 


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