SMM Morning Comments (Jan 19)

Published: Jan 19, 2018 09:34

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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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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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