China Shanghai Tankii Alloy Material Co.,Ltd Company News

SHANGHAI, May 25 (SMM) – Shanghai nonferrous metals traded mixed on Monday morning as investors continued to watch for developments from China’s National People’s Congress (NPC)—the country’s annual session of parliament.   The LME will be closed on Monday for a bank holiday. LME base metals, except for zinc, closed lower on Friday, with copper shedding 1.6% to lead the way down. Aluminium dropped 1.2%, nickel slipped 1.1%, lead fell 0.4% and tin dipped 0.1%.   Those metals on the SHFE moved mixed on Friday night. Nickel slid 1.5%, copper fell 0.6% and aluminium lost 0.1%, while zinc inched up 0.06%, lead advanced 0.5% and tin rose 0.8%.   Expectations into the NPC meetings were high among metal industry participants, particularly in regards to more expectations around stimulus. However so far there is little in the way of major new announcements, just more of a reconfirmation of existing supporting policies.   China said on Friday it would not publish an annual growth target for the first time. Beijing also pledged more government spending as the pandemic kept hammering the economy.   China also released draft legislation over new national security measures on Hong Kong after last year’s burst of anti-government protests in the city, which drew a warning from US President Donald Trump that Washington would react “very strongly,” and grew concerns over ties between the two powerhouses.   Copper: Three-month LME copper extended its decline to a low of $5,261.5/mt in European trading hours on Friday, before it recovered some ground to end 1.58% lower at $5,305/mt. The most active SHFE July contract touched a one-week low of 43,210 yuan/mt on Friday night, before it clawed back some losses to close 0.55% weaker at 43,490 yuan/mt. It is expected to move between 43,300-43,800 yuan/mt today, while spot premiums are expected to widen to 150-180 yuan/mt as futures prices have eased and it’s the last day for the delivery of long-term contracts.   Aluminium: Three-month LME aluminium slipped to an intraday low of $1,493/mt in European trading hours on Friday, before it recovered some ground to close the day 1.15% lower at $1,503.5/mt. It pulled back after two consecutive days of gains, failing to move out of its recent range. The most active SHFE July contract fluctuated to close 0.12% lower at 12,785 yuan/mt on Friday night. It is expected to move at 12,600-13,000 yuan/mt today. A slowdown in inventory decline, greater availability, narrower spot premiums and spreads between SHFE contracts led to the correction in SHFE aluminium, which received limited boost from the two sessions.   Zinc: Three-month LME zinc fell to a one-week trough of $1,948/mt in Asian trading hours on Friday, before it erased those losses to close up 0.81% at $1,985/mt. It bucked the downtrend across LME nonferrous metals, but failed to return above the 10-day moving average. Data showed that zinc stocks at LME-approved warehouses continued to decline, decreasing 0.23% or 250 mt to 106,575 mt as of May 22. Concerns over ore supply supported LME zinc prices. The most-liquid SHFE July contract climbed to a session-high of 16,515 yuan/mt on Friday night, before shorts dominated the market and sent the contract to close just a tad higher at 16,370 yuan/mt. Longs left the market with little in the way of major new announcements from China’s two sessions, contributing to the pull-back in prices. The July contract is likely to trade at 16,100-16,600 yuan/mt today, while spot premiums for domestic 0# Shuangyan are to steady at 140-150 yuan/mt over the SHFE June contract.   Nickel: Three-month LME nickel slid to a low of $12,105/mt in the final hour of the Asian trading session on Friday, and it later clawed back some losses to finish the day 1.13% lower at $12,280/mt. Whether it could stand convincingly above the 10-day moving average will come under scrutiny. The most-traded SHFE July contract rose on Friday night, rebounding from a lower open at 100,000 yuan/mt to close 1.49% lower at 101,180 yuan/mt.   Lead: Three-month LME lead slipped to a low of $1,612/mt in European trading hours on Friday, before it recouped some losses to close down 0.39% at $1,647.5/mt. LME lead underperformed its SHFE counterpart recently due to rising tensions between the US and China. The most-liquid SHFE July contract advanced 0.5% to 14,180 yuan/mt on Friday night, and is expected to remain strong in the near term.   Tin: Three-month LME tin plumbed a low of $15,150/mt in the final hour of the Asian trading session on Friday, and it later pared some losses to end just 0.1% lower at 15,380/mt. Support is still seen at $15,100/mt, while resistance is at $15,700/mt. The most-traded SHFE July contract rose 0.79% to 134,400 yuan/mt on Friday night as shorts covered their positions and some longs added their positions. Resistance is seen at a previous high of 136,000 yuan/mt.

Price Review Forecast 09:44AM Source:SMM   SHANGHAI, Mar 26 (SMM) – Shanghai base metals opened broadly higher on Thursday morning, as investors await the final Senate vote on the massive stimulus package aimed at combating the economic impact of the coronavirus and the emergency virtual summit of G20 leaders.   London base metals, meanwhile, cruised lower across the board. Tin dropped more than 2%, erasing gains from Wednesday’s jump.   Overnight on the LME, base metals, except for aluminium, closed higher overnight. Tin surged 6.3% on the day to lead the gains, lead jumped 2.5%, zinc advanced 1.2%, copper and nickel rose 0.5%. The SHFE kept its night trading session suspended.   News that the White House and Senate have reached agreement on the huge stimulus package, helped US stocks and oil prices extend their gains on Wednesday, while knocking the US dollar to its weakest in a week.   Copper: Three-month LME copper rose in North American trading hours, clawing back earlier losses to close the day higher at $4,872.5/mt, building on the sharp increase registered on Tuesday.   Aluminium: Three-month LME aluminium pulled back after the European trading session began. It touched its lowest since May 2016 at $1,535/mt before recovering some ground to end at $1,548/mt. LME aluminium bucked the uptrend across nonferrous metals on Wednesday. It is expected to continue to hover between $1,540-1,600/mt today, with the most-active SHFE 2005 contract trading at 11,350-12,000 yuan/mt. East China spot discounts are seen wider at 90-70 yuan/mt against the SHFE 2004 contract, as stimulus hopes and production cuts have bolstered Shanghai aluminium prices.   Zinc: Three-month LME zinc rose in North American trading hours, recouping losses from earlier in the day, to end at an intraday high of $1,849/mt. LME zinc has stood above the five-day moving average, but remains under the 10-day one. LME zinc is expected to hover at $1,810-1,860/mt today with the most-traded SHFE May contract at 14,600-15,100 yuan/mt. Spot premiums for domestic 0# Shuangyan are seen unchanged at 20-40 yuan/mt over the SHFE April contract. Nickel: Three-month LME nickel slipped below the five-day moving average to an intraday low of $11,100/mt in Asian trading hours, before it recovered to end at $11,335/mt, its highest close in a week. LME nickel has gained for two consecutive days but still faces pressure at $11,300/mt.   Lead: Three-month LME lead climbed in European and North American trading hours, recovering from earlier losses to close the day substantially higher at $1,648.5/mt, its highest close in a week.   Tin: Three-month LME tin surged in North American trading hours, hitting an intraday high of $14,350/mt before easing to end at $14,235/mt, near the 10-day moving average. Resistance is seen at $14,500/mt.

SHANGHAI, Dec 10 (SMM) – Copper: Copper prices continued their strong run overnight, as market euphoria over the upbeat US employment report has yet to fade and as the British pound strengthened on optimism that Thursday’s election will end near-term Brexit uncertainty. Three-month LME copper advanced 0.94% on the trading day to end at $6,081.5/mt, and the most active SHFE 2002 contract climbed 1.44% to end at a session-high of 48,720 yuan/mt overnight. Further upside potential in copper prices, however, will be hampered by worries about the US-China trade talks with a December 15 deadline looming for the next wave of US tariffs on Chinese goods to kick in. There was still cautious sentiment across the markets, as gold prices held around $1,465/oz and US stocks fell for the first time in four sessions on Monday. LME copper is expected to move between $6,050-6,100/mt today, with SHFE copper at 48,400-48,900 yuan/mt. Spot premiums are seen lower at 70-120 yuan/mt as prices of futures have increased. Aluminium: Three-month LME aluminium rebounded to an intraday high of $1,773.5/mt on Monday, before it erased those gains to close 0.11% weaker at $1,760.5/mt. The buildup of short positions primarily accounted for the losses. LME aluminium is expected to remain rangebound between $1,740-1,800/mt today. The most traded SHFE 2002 contract advanced 0.25% to 13,880 yuan/mt overnight, as longs added their positions. Bullish investors were moving to later-dated contracts. SHFE aluminium is expected to waver between 13,810-14,000 yuan/mt today. Spot premiums are seen at 30-50 yuan/mt over the SHFE 1912 contract. Zinc: Three-month LME zinc oscillated between gains and losses on Monday, subdued by the 10-day moving average but supported by the five-day one and the lower Bollinger band, and finished the trading day marginally lower at $2,238/mt. Zinc stocks across LME warehouses declined 0.89% on the day. LME zinc is expected to continue the rangebound pattern in the short term, as investors weigh hopes for a preliminary US-China trade deal against weak Chinese exports data. The contract is likely to move between $2,210-2,260/mt today. The most active SHFE 2002 contract opened lower and fluctuated to close 0.2% lower at 17,860 yuan/mt overnight. SMM data showed that social inventories of refined zinc in China declined 3,600 mt over the weekend to 126,300 mt. A weakening in recent orders for zinc alloy die-castings and temporary production restrictions on galvanising plants in Tianjin, however, will slow demand for zinc and limit upside in zinc prices. The SHFE 2002 contract is expected to trade between 17,700-18,100 yuan/mt today, and spot premiums for domestic 0# Shuangyan are seen lower at 200-250 yuan/mt over the SHFE 1912 contract. Nickel: Three-month LME nickel fell to an intraday low of $13,170/mt on Monday, before it recovered some ground to close down 1.26% at $13,320/mt. Whether LME nickel could remain above the five-day moving average will come under scrutiny today. The most traded SHFE 2002 contract recovered from initial losses to end 0.34% lower at 106,240 yuan/mt overnight. Resistance at the 10-day moving average will be closely monitored today. Lead: Three-month LME lead slipped to its lowest since July 5 at $1,865.5/mt on Monday, before it rallied to end 0.42% firmer at $1,897/mt. LME lead continued to weaken, in the absence of buying momentum. The most active SHFE 2001 contract held in a tight range around 15,105 yuan/mt overnight and closed a tad lower at 15,095 yuan/mt. There appeared to be signs of a pause to SHFE lead’s recent downtrend. Price spreads between primary and secondary lead should be closely watched. Tin: Three-month LME tin extended its gains on Monday, rising 0.32% to end at $17,100/mt. Resistance lies at a previous high of $17,200/mt. As longs aggressively loaded up positions, the most traded SHFE 2001 contract rapidly climbed to 141,170 yuan/mt, its highest since October 18, in early trade overnight. It later consolidated to end 0.65% stronger at 140,890 yuan/mt. Resistance is seen at 142,000 yuan/mt. Key Words: Morning comments Copper Aluminium Zinc Lead Nickel Tin tankii

SHANGHAI, Dec 4 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead. Last night The US dollar extended its decline on Tuesday against a basket of its rivals as disappointing manufacturing data and new developments in global trade tensions rattled greenback investors. US President Donald Trump on Tuesday indicated he might delay a trade deal with China until after the presidential elections in November 2020, which dashed hopes that an agreement could be reached before another round of tariff hikes take effect on December 15. Further hurting market sentiment, Washington also threatened duties on French goods in response to France’s decision to apply a tax on digital companies. Global trade tensions escalated on Monday after Trump announced tariffs on steel and aluminum imports from Brazil and Argentina. LME base metals, except for tin, closed lower on Tuesday. Nickel led the losses with a 2.5% drop, aluminium tumbled 1.3%, copper and zinc slid 0.7%, and lead fell 0.3%. The SHFE complex traded mixed overnight. Nickel lost 3.1% to be the worst performer, lead shed 0.7% and copper slipped 0.3%, while tin gained 0.1%, zinc rose 0.2% and aluminium increased 0.3%. On the data front, US crude stocks fell while gasoline inventories rose and distillate stocks increased last week, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 3.7 million barrels in the week to November 29 to 445.9 million, compared with analysts’ expectations for a fall of 1.7 million barrels. Gasoline stocks rose by 2.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.8 million-barrel gain. Distillate fuels stockpiles, which include diesel and heating oil, rose by 794,000 barrels, compared with expectations for a 1.1 million-barrel gain, the data showed. Day ahead Automatic Data Processing’s (ADP) report on US employment change and the Institute for Supply Management's (ISM) index on activity in the US services sector for November, as well as the Energy Information Administration’s (EIA) weekly US crude inventory data are slated for release today. Caixin November purchasing managers’ index on China’s services sector is also due today. Key Words: Macroeconomics For queries, please contact Frank LIU at liuxiaolei@smm.cn For more information on how to access our research reports, please email service.en@smm.cn

SHANGHAI, Dec 2 (SMM) – Copper: Prices of copper moved lower last Friday night with pressure from intensified risk aversion caused by US-China trade uncertainties. A higher US dollar on the month and concerns about weakening economic growth in Europe also depressed prices of the metal. Today, technical support may keep the most-traded SHFE contract between 46,950-47,250 yuan/mt, with three-month LME copper at $5,840-5,900/mt. Lower futures prices and restocking demand at the start of a month will likely prop up spot premiums to 80-120 yuan/mt today. Aluminium: Three-month LME aluminium hovered within a broad range before ending slightly higher on the day at $1,760/mt, as reduced LME aluminium inventories drove investors to cut bearish position. The most-traded SHFE 2001 contract lost part of the daytime gains and closed 0.11% higher on the day at 13,870 yuan/mt. A continued decline in domestic inventories indicated healthy consumption, which supported prices. Trading range is expected at 13,750-13,900 yuan/mt today. Zinc: Three-month LME zinc remained under pressure from a strong US dollar index, with loaded-up shorts weighing prices below the daily moving average to an intraday low of $2,268/mt, before they closed down 0.02% at $2,276.5/mt. LME zinc is likely to test support from the Bollinger lower band and trade between $2,255-2,320/mt today. The most-traded SHFE 2001 contract also closed lower but the decline was capped by firm downstream demand, as evidenced by tight availability in the spot market and continued drop in refined zinc social inventories. The contract ended 0.69% lower on the day at 17,915 yuan/mt after hit a low of 17,880 yuan/mt. Trading range is seen between 17,800-18,400 yuan/mt today. Nickel: Eased supply concerns continued to weigh on three-month LME nickel, which lost support from $14,000/mt and finished 2.32% lower at $13,665/mt. Support from $13,600/mt will be monitored today. The most-liquid SHFE contract tracked its LME counterpart lower, falling below 110,000 yuan/mt and ending down 2.27% at 108,080 yuan/mt. It is expected to test support from the Bollinger lower band today. Lead: Three-month LME lead failed to hold onto early gains as it slipped after hitting a high of $1,970/mt, ending slightly higher on the day at $1,944.5/mt. The-most liquid SHFE contract remained in a downside trend as it gave up increase from the prior session, dipping to a low of 15,270 yuan/mt and closed lower at 15,305 yuan/mt. Further downside risk is seen in lead prices. Today, the SHFE contract may test support from 15,200 yuan/mt. Tin: Three-month LME tin regained early losses as it recovered from a low of $16,285/mt to close at $16,495/mt, up $85/mt on the day. With support from the 10-day moving average, it is likely to test resistance from $16,500/mt today. The most-traded SHFE 2001 contract climbed after declined as investors covered their shorts. It gained 320 yuan/mt on the day and finished at 138,730 yuan/mt. Support is seen at 138,000 yuan/mt with pressure from 139,500 yuan/mt today. Key Words: Morning comments Futures movement

SHANGHAI, Nov 25 (SMM) – Copper: Three-month LME copper gained 0.59% on Friday to $5,852.5/mt, while the most active SHFE 2001 contract advanced 0.43% on Friday night to end at a session-high of 47,100 yuan/mt. Copper trading on Shanghai and London markets both saw low volatility, as conflicting signals on US-China trade talks kept investors on the sidelines. A stronger US dollar, bolstered by low expectations of further interest rate cuts after US manufacturing activity and consumer confidence data came in better than expected, will weigh on copper prices today. SHFE copper is likely to reverse some gains and trade between 46,900-47,200 yuan/mt, as pressure lies at the 20-day moving average and the middle Bollinger band. LME copper is expected to move between $5,810-5,870/mt. In the physical market, spot copper premiums are seen at 50-90 yuan/mt with thin trades, probably muted by higher prices of futures and tight availability amid limited inflows of seaborne materials. Aluminium: Three-month LME aluminium slipped to an intraday low of $1,735.5/mt on Friday, before it clawed back some losses to end down 0.2% at $1,740/mt. LME aluminium today is expected to come under pressure from the firmer greenback, and move between $1,730-1,745/mt. The most traded SHFE 2001 contract rose to a two-week high of 13,880 yuan/mt on Friday night, before it weakened to close 0.11% higher at 13,855 yuan/mt. Limited downside is expected in SHFE aluminium as falling inventories keep shorts cautious. The contract is expected to trade between 13,800-13,870 yuan/mt today, with spot premiums of 70-110 yuan/mt over the SHFE 1912 contract. Zinc: Shorts pulled three-month LME zinc to a new low of $2,283/mt, the lowest since October 9, on Friday as data showed that LME zinc inventories continued to grow. LME zinc later recovered some ground to close 0.17% weaker at $2,307/mt, registering an eighth decline in the past nine days. It is likely to remain weak and move between $2,280-2,330/mt today, and support at the lower Bollinger band will come under scrutiny. The most active SHFE 2001 contract tracked losses in LME zinc to a low of 17,885 yuan/mt in early trade Friday night, before it recouped some losses to end down 0.14% at 18,035 yuan/mt. SMM data showed that social inventories of refined zinc in Shanghai, Guangdong and Tianjin dropped 5,800 mt last week, which will offer support to SHFE zinc prices. The contract is expected to consolidate between 17,900-18,300 yuan/mt today, and support at the lower Bollinger band should be closely monitored. Spot premiums for domestic 0# Shuangyan are seen at 130-150 yuan/mt over the SHFE 1912 contract. Nickel: Three-month LME nickel recovered from earlier losses to end 0.93% higher at $14,640/mt on Friday. Whether it could remain above the five-day moving average will come under scrutiny today. The most traded SHFE 2002 contract climbed to a session–high of 115,460 yuan/mt on short-covering on Friday night, before it closed up 0.59% at 114,810 yuan/mt. SHFE nickel has returned above the lower Bollinger band, and whether it could shrug off resistance at 115,000 yuan/mt should be closely watched today. Lead: Three-month LME lead climbed to an intraday high of $1,987/mt on Friday, before it erased some gains to close the trading day 0.26% firmer at $1,965.5/mt. LME lead moved sideways around three-month lows, as investors grappled for a direction. Support at $1,950/mt should be closely watched. The most active SHFE 2001 contract jumped to a session-high of 15,615 yuan/mt in early trade Friday night, before it eased to close 0.39% higher at 15,575 yuan/mt, tracking the pull-back in its LME counterpart. SHFE lead is likely to stem its declines and stabilise in the near term, in view of improved fundamentals and lower output from marginal capacity. Tin: Three-month LME tin edged down to $16,350/mt on Friday, shedding earlier gains due to strong resistance at the middle Bollinger band. Support is seen at the 10-day moving average at $16,200/mt. The most traded SHFE 2001 contract advanced 0.5% to close at a session-high of 139,200 yuan/mt on Friday night, as shorts trimmed their positions. SHFE tin now stands above all near-term moving averages, and resistance lies at 139,500 yuan/mt. Key Words: Morning comments Copper Aluminium Zinc Lead Nickel Tin

  Macro Roundup (Nov 19) Data Analysis 08:40:36AM Source:SMM   SHANGHAI, Nov 19 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead. Last night The US dollar extended its decline against a basket of its rivals on Monday as investors digested mixed signals around US-China trade talks. On Monday, CNBC quoted a Chinese government source saying the mood in Beijing about a trade deal was pessimistic due to US President Donald Trumps reluctance to roll back on tariffs. The report came after Chinese state media Xinhua saying that China and the US had “constructive talks” on trade in a high-level call over the weekend. China’s central bank said on Monday that it was lowering the seven-day reverse repurchase rate to 2.50% from 2.55%, the first such cut in more than four years. This move comes just two weeks after the People’s Bank of China (PBOC) cut the borrowing cost on its medium-term lending facility (MLF), used by banks for longer-dated funding needs, by the same margin. Both cuts raise the likelihood that the PBOC will trim its new benchmark loan prime rate (LPR), off of which many lenders base their mortgage rates, this week. The US Commerce Department for the third time has extended a temporary license that lets American companies do business with Huawei. This 90-day reprieve for the embattled Chinese telecom follows the first one in May and the second in August. US-China trade uncertainty weighed on oil prices on Monday, but helped gold erase earlier losses. LME base metals closed lower across the board on Monday. Lead led the losses with a 2.1% decline, zinc dropped 1.5%, aluminium and nickel fell 1.2%, tin shed 0.6% and copper slipped 0.4%. The SHFE complex also drifted broadly lower overnight. Lead tumbled 1.2%, nickel fell 1%, tin and zinc slid 0.2%, while aluminium gained 0.4%. Copper stayed flat. Day ahead Economic data slated for release today include US building permits and housing starts in October as well as weekly crude inventory data from the American Petroleum Institute (API). Key Words: Macroeconomics

SHANGHAI, Mar 18 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today. Last weekend The US dollar dropped and recorded the biggest weekly loss in more than three months, dragged by weak US economic data. Weak economic data underscored the Federal Reserve's "patient" stance toward further interest rate hikes this year. Fed officials are scheduled to meet next Tuesday and Wednesday to assess the economy and deliberate on the future course of monetary policy. Base metals ended mixed as LME copper rose 0.73%, nickel grew 0.23%, while lead dipped 2.16%, zinc fell 1.35%, tin slid 0.61%, and aluminium closed 0.32% lower. SHFE copper increased 0.29%, nickel jumped 0.21%, tin nudged up, while lead dropped 1.44%, zinc went down 0.55%, and aluminium fell 0.37%. The US manufacturing output dipped for a second straight month in February and factory activity in New York state was weaker than expected this month, offering further evidence of a sharp slowdown in economic growth early in the first quarter. The Federal Reserve said on Friday manufacturing production fell 0.4% last month, weighed by declines in the output of motor vehicles, machinery, and furniture. Data for January was revised up to show output at factories dropping 0.5% instead of losing 0.9% as previously reported. The preliminary University of Michigan consumer sentiment index moved higher in March for the second straight month, with the index rising to 97.8 from 93.8 in February. In January, the index stood at 91.2, which was the worst reading since November 2016. Inflation in the eurozone accelerated modestly in February but stayed well below the European Central Bank's medium-term target, according to final data for the month. The consumer price index (CPI) rose 1.5% in February from the same month a year earlier, the bloc’s statistics agency Eurostat said. That was higher than the 1.4% recorded in January and confirmed a preliminary reading. Core inflation, which excludes energy, food, alcohol and tobacco prices, slowed to an annual rate of 1% from a revised 1.1% in January. That is well below the level targeted by the European Central Bank, which aims for an inflation rate of close to, but just below, 2% in the medium term. The Job Openings and Labor Turnover survey, or JOLTS, said on Friday that the US employers posted some 7.58 million open jobs in January, near a record high set in November, a sign that businesses are still hungry for workers despite evidence the economy has slowed. There are now about 1 million more open jobs than unemployed workers. Day ahead The eurozone will release its trade balance for January. Key Words: Macroeconomics

Macro Roundup (Jan 31)   SHANGHAI, Jan 31 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today. Last night LME base metals traded higher across the board on Wednesday. Nickel jumped 1.7%, zinc and copper surged 1.2%, aluminium rose 0.4%, lead and tin gained 0.3%. SHFE base metals traded mixed. Nickel climbed 1.3%, zinc advanced 0.9%, copper crept 0.7%, aluminium nudged up 0.04% while tin and lead edged down 0.2%. On Wednesday, the US dollar fell to a low not seen since January 11 after the Federal Reserve held interest rates steady as expected, and sounded caution on the economy and future interest rate increases. The Fed said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the US economic outlook. It also said it would be prepared to use the full range of tools, including altering the size and composition of its balance sheet, if the economy needed more monetary accommodation, than could be achieved with rate cuts. Payrolls processor ADP reported on Wednesday that the US private sector added 213,000 jobs in January. That beat forecasts for gains of 178,000, but the monthly total was lower than job gains of 271,000 in December. "The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls," said Mark Zandi, chief economist at Moody's Analytics. "As long as businesses hire strongly, the economic expansion will continue on." Germany's headline consumer price inflation slowed more-than-expected to its lowest level in nearly a year in January, preliminary data from the Federal Statistical Office showed on Wednesday. The consumer price index rose 1.4% year on year in January, after a 1.7% increase in December. Economists had forecast an inflation rate of 1.6%. On a month-on-month basis, the CPI fell 0.8% in January, in line with economists' expectations. Prices edged up 0.1% in November. The European Commission’s final consumer confidence gauge in the bloc came in at -7.9 for the current month, lower than December’s -8.3, while Germany’s consumer climate measured by GfK improved to 10.8 for the month of February. US crude inventories rose by 919,000 barrels for the week ended January 25, the Energy Information Administration said on Wednesday, compared with analysts' expectations for an increase of 3.2 million barrels. The EIA reported a jump of 7.97 million barrels in US crude stocks for the week ended January 18. US pending home sales dropped 2.2% from November to 99 in December, the lowest since April 2014, as the stock market correction hurt consumer confidence, the National Association of Realtors said on Wednesday. On a year-over-year basis, contract signings fell 9.8% in December, making the 12th straight month of annual decreases. Day ahead Economic data slated for release today include China’s official manufacturing purchasing mangers’ index (PMI) for January, Germany’s retail sales for December and unemployment rate for January, the eurozone’s gross domestic product (GDP) growth for the fourth quarter and unemployment rate for December, the US weekly jobless claims and the Chicago PMI for January.   Key Words: Macroeconomics

SHANGHAI, Jan 14 (SMM) – Despite a Beijing-Washington trade dispute last year, China's trade surplus with the US rose 17% on the year to $323.32 billion in 2018, according to data by the State Council on Monday January 14. This exceeded a surplus of $275.8 billion in 2017, the highest level on record. Exports to the US rose 11.3% year-on-year in 2018, while imports from the US to China nudged up 0.7% over the same period. China’s December exports in dollar terms fell 4.4% from a year earlier, while imports dipped 7.6%, both the lowest reading since 2016, leaving a trade surplus of $57.1 billion last month, according to government data. Overall trade surplus for 2018 stood at $351.76 billion, down 16.1% from 2017, and the lowest since 2013, the government said. However, exports in 2018 increased 9.9% from 2017 while imports grew 15.8% over the same period, showed official data. This brought total imports and exports value to an all-time high of $4.62 trillion. Asia's largest economy will develop steadily in 2019, but will continue to face headwinds from the complicated and severe external environment, Li Kuiwen, a spokesman for the General Administration of Customs, said at a briefing on January 14. Key Words: Tradeflow

    SHANGHAI, Dec 14 (SMM) – Copper: LME copper pared earlier gains to close at $6,153/mt on Thursday. The SHFE 1902 contract came off from a high of 49,440 yuan/mt overnight, ending at 49,260 yuan/mt. As the US dollar strengthened, copper prices are expected to remain rangebound at lows today. LME copper is likely to trade at $6,150-6,200/mt with the SHFE 1902 contract at 49,000-49,500 yuan/mt. Spot premiums are seen lower at 20-70 yuan/mt. Aluminium: The SHFE 1902 contract recovered some earlier losses to close at 13,615 yuan/mt overnight. A weekly decline of 57,000 mt in social stocks in China provided some support to SHFE aluminium prices. We expect the contract to trade at 13,600-13,700 yuan/mt today with spot prices at discounts of 20 yuan/mt to premiums of 20 yuan/mt. Despite a higher open, LME aluminium reversed earlier gains and slid to close at $1,930/mt on Thursday. We expect it to remain weak today with most transactions at $1,925-1,945/mt. Zinc: LME zinc fluctuated to close 0.35% higher at $2,575/mt on Thursday. Stocks across LME-registered warehouses stayed low and the LME zinc cash/three-month price backwardation remained wide. Uncertainties over macro economy diverge shorts and longs and we expect LME zinc to trade at $2,560-2,610/mt today. The SHFE 1902 contract tumbled to a low of 20,850 yuan/mt overnight before it rebounded to close at 20,980 yuan/mt. The contract held onto the 20,980 yuan/mt level and is expected to remain rangebound today trading between 20,750-21,150 yuan/mt. Nickel: LME nickel initially fell to a low of $10,725/mt, just above the year-low of $10,720/mt on November 27. It then clawed back those losses to close 0.6% higher at $10,850/mt. The SHFE 1905 contract fluctuated to close 0.4% higher at 89,380 yuan/mt overnight. Market focus is largely attuned to the fundamentals as investors await an upcoming two-day meeting of the Federal Open Market Committee (FOMC), which is scheduled to take place on December 18-19. The recent improvement in spot trades limited losses in nickel prices. LME nickel is expected to hover around $10,800/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 89,000-96,500 yuan/mt. Lead: As the US dollar climbed, LME lead dropped past all moving averages to end at $1,947/mt on Thursday. After a slightly lower open, the SHFE 1901 contract crept to close at 18,495 yuan/mt overnight. It is expected to remain rangebound at highs before the delivery date and might fall after the delivery. Tin: LME tin extended its gains on Thursday and closed at $19,455/mt. The SHFE 1905 contract inched up to close at 146,840 yuan/mt overnight. With supply cuts across Chinese tin producers, tin prices are expected to strengthen into the near term. Resistance is seen at $19,700/mt for LME tin and its SHFE counterpart is likely to test the 147,500 yuan/mt level.   Key Words: Morning comments Copper Aluminium Zinc Lead Nickel Tin For editorial queries, please contact Eve Yeo at eve@smm.cn For more information on how to access our research reports, please email service.en@smm.cn

SHANGHAI, Dec 6 (SMM) –     Copper: LME copper rebounded to close at $6,193.5/mt overnight as shorts cut their bets after the contract fell to a low of $6,158.5/mt. LME copper snapped a four-day losing streak and came under pressure at the five- and 10-day moving averages. With a lower open, the SHFE 1902 contract fluctuated to close at 49,310 yuan/mt overnight. This lowered it below all short-term moving averages and the middle Bollinger band. Open interest for the SHFE copper complex decreased below 500,000 lots, reflecting limited confidence among investors. LME copper is expected to trade at $6,140-6,190/mt today with the SHFE 1902 contract at 49,100-49,400 yuan/mt. Spot premiums are seen at 130-300 yuan/mt. In the physical market, sellers were reluctant to offload cargoes and this tightened supplies across the market. Aluminium: After a negative open, the SHFE 1901 contract fluctuated to close lower at 13,710 yuan/mt overnight, posting a two-day losing streak. As fundamentals remained weak, the contract remained subdued and is expected to trade at 13,650-13,750 yuan/mt today with spot discounts at 70-30 yuan/mt. LME aluminium outperformed its SHFE counterpart overnight and traded marginally higher at $1,973/mt. It is expected to trade at $1,950-1,980/mt today. Zinc: LME zinc climbed to close at $2,621.5/mt overnight. The gain could be attributed to the wider LME zinc cash/three-month price backwardation as LME inventories shrank. With short-term moving averages pointing towards bullish signals, we expect LME zinc to strengthen today with most transactions at $2,580-2,630/mt. After hovering just below the 21,000 yuan/mt level, the SHFE 1902 contract jumped to close at 21,075 yuan/mt overnight on short-covering. With low inventories, SHFE zinc remains on a rise and is expected to trade at 20,700-21,200 yuan/mt today. Nickel: LME nickel rebounded from earlier lows and closed at $11,220/mt overnight. After initially falling to a low of 90,250 yuan/mt, the SHFE 1901 contract clawed back losses and ended at 91,250 yuan/mt overnight. Investors remained cautious on lingering concerns over US-China trade. LME nickel is likely to hover around at $11,100/mt today with the SHFE 1901 contract at 90,000-91,500 yuan/mt. Spot prices are seen at 90,500-99,000 yuan/mt. Lead: Meeting strong resistance at $2,000/mt, LME lead slid to close at $1,986/mt overnight. Moving along the five-day moving average, it is expected to continue to test the $2,000/mt level in the near term. The SHFE 1901 contract pared some gains to close at 18,580 yuan/mt overnight after climbing to a high of 18,630 yuan/mt. Trading volumes continued to shrink when the contract hovered around highs for three consecutive days. Tin: LME tin hovered just above the $19,000/mt level and ended at $19,145/mt overnight, with resistance at $19,400/mt. We expect it to remain rangebound in the short term with support at $18,800/mt. The SHFE 1901 contract traded rangebound above the five- and 10-day moving averages and closed at 145,500 yuan/mt overnight. Uncertainties over US-China trade kept SHFE tin trading rangebound, with resistance at 146,500 yuan/mt.     Key Words: Morning comments Copper Aluminium Zinc Lead Nickel Tin For editorial queries, please contact Eve Yeo at eve@smm.cn For more information on how to access our research reports, please email service.en@smm.cn