SMM Morning Comments (Jan 19)

SHANGHAI, Jan 19 (SMM)－

Copper: Copper is expected to remain rangebound today. LME copper is to trade at $7,020-7,120/mt while SHFE 1803 is to trade at 53,190-54,050 yuan/mt. Spot discounts are expected at 130-80 yuan/mt.

Aluminium: We see LME aluminium trading at $2,220-2,250/mt while SHFE aluminium is likely to follow LME tendency at 14,600-14,800 yuan/mt today. We see spot discounts at 210-170 yuan/mt.

Nickel: With weak downstream consumption, LME nickel is expected to trade in a weak tendency while SHFE 1805 is to trade at 96,000-97,700 yuan/mt. Spot prices are expected at 95,700-97,400 yuan/mt.

Tin: LME tin sees resistance at $20,500/mt, which is expected to trade rangebound with below support at $20,000/mt while SHFE tin is to trade at 143,500-144,500 yuan/mt with support at 143,600 yuan/mt. We see spot prices at 142,500-144,000 yuan/mt.

Lead: SHFE lead traded above all moving averages and is expected to trade rangebound in the short term.

Zinc: LME zinc is expected to trade at $3,350-3,400/mt while SHFE zinc is to trade at 25,650-26,100 yuan/mt with struggle between bears and bulls.

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