SHANGHAI, Jan 22 (SMM)－
Copper: LME copper sees resistance and is expected to retrace further towards $7,000/mt. With weak spot demand and excess inventory, LME copper is expected to trade at $7,010-7,065/mt while SHFE 1803 is to trade at 53,100-53,650 yuan/mt. Spot discounts are to move at 150-100 yuan/mt today.
Aluminium: We see LME aluminium trading at $2,200-2,230/mt today, according to historical records afterthe shutdown of the US government. SHFE aluminium is expected to trade at 14,500-14,700 yuan/mt today. Spot discounts are expected at 210-170 yuan/mt.
Zinc: LME zinc is expected to trade at 3,380-3,430/mt while SHFE zinc is expected to trade at 25,900-26,350 yuan/mt today.
Nickel: We see LME nickel trading in a narrow range today. SHFE 1805 is to trade at 96,800-98,600 yuan/mt with spot prices at 96,500-98,300 yuan/mt.
Lead: SHFE lead sees upper pressure at 19,600 yuan/mt and is expected to trade at 19,300-19,550 yuan/mt today.
Tin: LME tin is likely to move higher after it broke through $20,500/mt. SHFE tin is expected to trade at 145,000-146,500 yuan/mt today. Spot prices are seen at 144,000-145,500 yuan/mt, supported by stockpiling demands before the long Chinese New Year holiday.
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