Home / Metal News / Copper / SMM Morning Comments (Feb 12)
SMM Morning Comments (Feb 12)
Feb 12,2018 09:53CST
price review forecastsmm insight
SMM Morning Comments

SHANGHAI, Feb 12 (SMM) –

Copper: As investors grew cautious against the backdrop of falling global stock market and sluggish physical demand ahead of Chinese New Year, we see copper prices staying weak in the short term. However, we also see limited downward room with support level at 50,500-51,000 yuan/mt for SHFE copper. LME copper is expected to trade at $6,710-6,780/mt today.

Aluminium: Chinese exports have pressured the LME aluminium price, which is set to trade at $2,100-2,135/mt today. The SHFE 1804 contract may continue to test the resistance at the five-day moving average and trade at 14,100-14,270 yuan/mt today.

Nickel: LME Nickel is expected to be weak today but sees support at the 40-day moving average. We see the SHFE 1805 contract at 97,800-99,300 yuan/mt today with spot prices at 97,000-98,600 yuan/mt.

Zinc: LME zinc is supported by good fundamentals but a rally is not expected. We see the contract to trade at $3,355-3,405/mt with the SHFE zinc at 25,800-26,250 yuan/mt. Cautious trading ahead of Chinese New Year would mean limited technical support as SHFE zinc registered five consecutive days of losses.  

Tin: LME tin is set to test support at the $21,000/mt level while SHFE tin is expected to trade at 145,500-147,800 yuan/mt today. Spot prices are seen at 144,500-146,000 yuan/mt with limited trading activity.  

Lead: We expect spot lead to trade 50 yuan/mt higher at 19,100-19,250 yuan/mt today while the SHFE contract may test the five-day moving average upwards. 


For editorial queries, please contact Daisy Tseng at daisy@smm.cn 
For more information on how to access our research reports, please email service.en@smm.cn 


For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news