SMM Evening Comments (Feb 12)

Published: Feb 12, 2018 18:27

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SMM Evening Comments

SHANGHAI, Feb 12 (SMM) – Only SHFE aluminium resisted a drop among nonferrous metals today with a rise of close to 1%. SHFE tin lost 1.5% while zinc was down over 1%.

In the ferrous complex, coking coal and rebar edged up when iron ore was down around 1% and coke was down 0.73%. Hot-rolled coil also slipped.

Copper: The SHFE 1804 copper contract traded below all moving averages as the market looked out for details of the US infrastructure investment plans.

Aluminium: SHFE aluminium touched a high at 14,565 yuan/mt but met resistance at the 10-day moving average. We expect aluminium prices to keep testing upwards in the short term as our survey suggested promising downstream sales orders after Chinese New Year.

Nickel: The 40-day moving average would be the target for SHFE nickel tonight following an inflow of 126 million yuan.

Zinc: We expect SHFE zinc to stay weak tonight in rangebound trading following an outflow of funds ahead of Chinese New Year.

Tin: We see further downward room for SHFE tin in the short term with funds exiting the market with caution.

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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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