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SMM Morning Comments (Jan 26)
Jan 26,2018 09:20CST
price review forecast
Source:SMM
SMM Morning Comments (Jan 26)

SHANGHAI, Jan 26 (SMM)-

Copper: Investors remain cautious about LME copper as inventory grows. SHFE copper is expected to trade at 53,000-54,000 yuan/mt and spot discounts are to move at 100-50 yuan/mt supported by stockholders.

Zinc: LME zinc performed strongly supported by firm fundamentals, and is expected to trade at $3,435-3,485/mt while SHFE zinc is expected to trade at 26,000-26,450 yuan/mt today.

Aluminium: LME aluminium is expected to trade at $2,220-2,270/mt while SHFE aluminium is to trade at 14,650-14,820 yuan/mt. We see spot discounts at 150-110 yuan/mt today.

Nickel: LME nickel is expected to keep a strong rangebound and SHFE 1805 is to trade at 103,500-105,000 yuan/mt with spot prices at 103,000-104,500 yuan/mt.

Tin: LME tin saw resistance at $21,300/mt, aiming at $22,000/mt while SHFE tin is expected to break through upper pressure at 148,000 yuan/mt to trade at 147,000-148,000 yuan/mt. We see spot prices at 145,500-147,000 yuan/mt.

Lead: SHFE lead traded below the five-day moving average. With support at 19,400 yuan/mt, it is expected to 19,400-19,600 yuan/mt today.


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