SMM Evening Comments (May 15)

Published: May 15, 2018 18:04

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SMM Evening Comments

SHANGHAI, May 15 (SMM) – Most nonferrous metals rose on Tuesday May 15 except for SHFE copper and lead. SHFE nickel led the gains and closed 1.7% higher. Aluminium, zinc, and tin went up slightly.

The ferrous complex rose across the board with coke leading the gains with a rise of over 1%. Coking coal increased nearly 1%, hot-rolled coil gained 0.7%, while rebar and iron ore inched up.

Copper: The SHFE 1807 contract tumbled during the day to a low of 51,070 yuan/mt as investors cut their longs. It stood at the five-day moving average with support at the 40-day moving average. We see it trading rangebound tonight. The SHFE 1805 contract was delivered today with the settlement price at 50,910 yuan/mt.

Aluminium: Amid thin trading liquidity, the SHFE 1807 contract traded rangebound at 14,685-14,735 yuan/mt during the day. We expect it to continue its stable movement. The SHFE 1805 contract was delivered at asettlement price of 179,350 yuan/mt today.

Zinc: As shorts reduced their positions, the SHFE 1807 contract rose during the day. However, we see limited upward momentum for it to stand firmly above the 20-day moving average. We expect it to remain rangebound tonight. The SHFE 1805 contract was delivered today with a settlement price of 23,864 yuan/mt and delivery volumes of 5,850 mt.

Nickel: The SHFE 1807 contract fell to a low of 106,240 yuan/mt before it rebounded and consolidated around the daily moving average. We see support from several moving averages and the KDJ expanding upwards. We expect it to continue its consolidation tonight.

Lead: With support at 19,300 yuan/mt, the SHFE 1806 contract rebounded from lows twice in the morning. The contract came off from a high of 19,465 yuan/mt in the afternoon. We expect it to trade rangebound at highs in the short term. It is likely to test the pressure at the 19,500 yuan/mt level tonight. The SHFE 1805 contract was delivered today with a settlement price of 19,425 yuan/mt and delivery volumes of 5,700 mt.

Tin: The SHFE 1809 contract climbed to a high of 146,350 yuan/mt from an initial decline. The contract returned above the five-day moving average with its trading level up slightly. We expect it to test upwards in the short term but to face resistance at 147,000 yuan/mt.

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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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