SMM Evening Comments (Jan 19)

Published: Jan 19, 2018 18:45

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SHANGHAI, Jan 19 (SMM)－

Nonferrous metals rallied today, with lead rising 2%. Aluminium and tin edged up about 1% and copper gained slightly. Nickel saw a slight dip today.

The ferrous complex also did well today. Rebar led the gain with a 2% rise. Hot-rolled coil climbed nearly 2%, iron ore rose 1.59% and coke gained 1%. Coking coal edged up 0.63%.

Copper: SHFE copper traded between the 40-day and 60-day moving averages and is expected to remain rangebound in the short term. The US Michigan Consumer Sentiment Index is likely to give guidance to the market tonight.

Lead: SHFE lead traded above all moving averages. With LME setting new high, the price is expected to keep strong rangebound and touch previous high level at 19,685 yuan/mt.

Aluminium: Driven by strong LME tendency, SHFE aluminium is expected to rangebound at 14,550-15,000 yuan/mt next week, which performs inferior to LME.

Nickel: SHFE nickel is expected to keep rangebound tonight. The US Michigan Consumer Sentiment Index data in January is likely to give guidance to the market tonight.

Zinc: SHFE zinc traded around 26,000 yuan/mt today. With support below the 20-day moving average and a bullish yuan, prices are expected to keep a strong rangebound tonight.

Tin: Tin notched a strong performance today. We see it testing pressure at 147,000 yuan/mt tonight.

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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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