SMM Evening Comments (Apr 27)

Published: Apr 27, 2018 18:02

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SMM Evening Comments

SHANGHAI, Apr 27 (SMM) – Nonferrous metals rebounded for the most part except for copper. SHFE nickel led the gains with a rise of over 1.3%, lead went up nearly 1%, while tin, aluminium, and zinc inched up.

The ferrous complex saw mixed trading with slower rates of decline. Iron ore, coking coal, and coke dipped over 1%. Hot-rolled coil and rebar closed nearly 1% higher.

Copper: As the US dollar gained, the SHFE 1806 contract dipped and closed at 51,560 yuan/mt today. It stood above the five- and 10-day moving averages with support from 51,500 yuan/mt below. We see it continue to trade rangebound in the short run. Investors will take more cues from LME copper and macroeconomic factors after the Labour Day holiday.

Aluminium: After it fell to a low of 14,495 yuan/mt with pressure from shorts, the SHFE 1806 contract rebounded and hovered at the 20-day moving average. It is likely to trade rangebound with prices expected at14,350-14,750 yuan/mt next week.

Zinc: The SHFE 1806 contract attempted to stand above 24,000 yuan/mt but met pressure at 23,950 yuan/mt today. The dominant SHFE zinc contract is expected to change after the holiday, transactions will resume on Wednesday May 2.

Nickel: As pressure from shorts abated, the SHFE 1807 contract rose above the daily moving average in the afternoon. While KDJ indicator expanded upwards and MACD red line registered longer, we see the contact hovering at high levels next week with support from a strong SHFE aluminium. Tonight, investors will take more cues from the US gross domestic product (GDP) in the first quarter.

Tin: The SHFE 1809 contract rebounded to close at 147,700 yuan/mt today after it fell to a low of 146,900 yuan/mt near closing. It stood above the 20-day moving average with pressure at 148,000 yuan/mt. The contract is likely to hover at 146,500-148,000 in the short term.

Lead: As most base metals gained, the SHFE 1806 contract rose to a high of 18,430 yuan/mt. The market will be closed tonight.

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copper aluminium nickel zinc lead tin

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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