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SMM Morning Comments (Jan 12)


Copper: LME copper is expected to trade at $7,065-7,200/mt today with support at the 20-day moving average while the SHFE 1803 contract is to trade at 54,200-55,300 yuan/mt. In the spot market, the premiums are set to be firmer at flat to 50 yuan/mt today.

Zinc: LME zinc is aiming for $3,400/mt against the backdrop of good fundamentals in the international market. We see trading range at $3,355-3,405 today with US Consumer Price Index (CPI) in December giving market cues. SHFE zinc, on the other hand, is expected to trade at 25,900-26,400 yuan/mt.

Nickel: LME is expected to consolidate at high level today with support at the 10-day moving average. SHFE 1805 nickel is to trade at 98,500-100,200 yuan/mt with spot price at 98,100-99,800 yuan/mt.

Aluminium: The LME contract would test the effectiveness of the five-day moving average following a slump, trading at $2,170-2,190/mt today. SHFE aluminium is expected to trade at 15,020-15,220 yuan/mt with longs operating on a shorter-term basis. Spot discounts are to move at 120-80 yuan/mt.

Lead: SHFE lead traded lower last night after a high open. We expect the contract to be rather weak with some sort of support at the 20-day moving average.

Tin: LME tin broke through the $20,100/mt level and looks set to go further for $21,000/mt. SHFE tin would stay rangebound and is expected to trade at 145,000-146,000 yuan/mt today. Spot price is seen to move at 143,500-145,000 yuan/mt today.

 Source: SMM