TOBO International Trading(Shanghia)Co.,Ltd Tianda Oil Pipe Co., Ltd
TOBO Pipeline Equipment Co.,Ltd TPCO & TISCO Pipe(Tianjin)Co.,Ltd.
April 10, 2018
SHANGHAI, Apr 9 (SMM) –
Copper: LME copper rebounded to a high of $6,870/mt last Friday due to a weaker US dollar. In the short term, the upward trend for copper prices will face resistance as a China-US trade war continues to brew. We see LME copper trading at $6,740-6,800/mt with the SHFE 1805 contract at 50,000-50,600 yuan/mt today. On the spot market, we see premiums slightly lower at 10-60 yuan/mt today as restocking for the Qingming Festival holiday ended
Aluminium: After registering a record low in eight months, LME aluminium touched a high at $2,063 /mt last Friday. We expect LME aluminium to trade between $2,060-2,100/mt today and the SHFE 1806 contract at 14,180-14,380 yuan/mt. Spot discounts are seen between 70-30 yuan/mt.
Zinc: LME zinc is expected to trade between $3,225-3,275/mt with pressure from the five-day and 10-day moving averages. SHFE zinc, on the other hand, is expected to trade between 24,500-25,000 yuan/mt today.
Nickel: LME nickel touched a high of $13,320/mt last Friday as the greenback weakened. We expect SHFE nickel 1807 contract to trade at 98,200-100,500 yuan/mt today with spot prices at 97,500-100,000 yuan/mt.
Lead: LME lead faced resistance at $2,400/mt last Friday, and we see it trading rangebound today. Pressure from macroeconomy remains as investors take cautions in the short term.
Tin: LME tin hovered around the five- and 10-day moving averages during the Qingming holiday, and closed at $20,965/mt last Friday. It is expected to trade rangebound with resistance at $21,300/mt and support at $20,600/mt in the short term. SHFE tin is likely to trade at 144,500-146,200 yuan/mt today with pressure at the 60-day moving average and support at 143,500 yuan/mt.