SMM Evening Comments (Jan 18)

Published: Jan 18, 2018 17:54

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SHANGHAI, Jan 18 (SMM)－

Lead stood out among nonferrous metals with a 1% rise. Tin declined 1% and nickel slipped 0.43%. Copper, zinc and aluminium slid slightly.

The ferrous complex performed better. Iron ore rose 1.42% and rebar rose 1%. Coke edged up 0.74% and hot-rolled coil gained 0.55%. Coking coal gained slightly.

Copper: Copper faces a downward trend in the short term, and is expected to stay rangebound tonight. The US housing data in December may lend cues to the market tonight.

Nickel: SHFE nickel is expected to keep rangebound tonight. Housing and construction data from the US may also lend cues to the market tonight.

Aluminium: We see bearish cues both from the fundamental and technical points of view for SHFE aluminium. While it may go down to 14,500 yuan/mt in the short term, we believe the 14,300 yuan/mt level is likely in the medium term.

Zinc: Zinc saw an outflow of funds today as investors cut their positions. We expect it to trade around 26,000 yuan/mt tonight as LME zinc remained firm.

Lead: SHFE lead traded around 10-day moving average, which is expected to rangebound at current position and seek upward momentum.Lead: SHFE lead traded around 10-day moving average, which is expected to rangebound at current position and seek upward momentum.

Tin: SHFE tin dropped below the 5-20 day moving average, testing supporting strength of the 60-day moving average at 143,600 yuan/mt, which is expected to keep trading under pressure.

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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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