20231228-弘业期货-金属日评_4页_267kb

Metal Market Summary - December 28, 2023

Copper

• LME copper prices rose to 8696美元, driven by Fed rate cut expectations. SH metal surged to 69620, up on Chinese industrial profit rebound and macro optimism. However, domestic demand weakness and LME inventory pressures limit upside. Short-term resistance at 70000, support at 65000.

Aluminum

• SH aluminum hit 19650, with LME also rising. Key factors include high net imports (60% increase YoY in Nov) and weakening seasonal demand. Price targets: resistance at 20000, support at 18000. Market expects potential pullback despite strong short-term momentum.

Lead

• Prices showed strength with SH closing positive. Weak demand from downstream battery sectors persists, but cost supports provide downside protection. Monitoring factors like regenerated lead production.

Zinc

• LME and SH zinc saw modest gains. Short-term demand is weak due to production overhang, but medium-term supply outlook may improve. Potential for price bottom formation amid ongoing market uncertainty.

Precious Metals

• Markets reacted to bond yields decline, with yields dropping below key levels and the dollar falling. Focus on upcoming U.S. data releases for further shifts in rates expectations.

Analysts

• Provided by HollyFutures: Zhang Tianao, Cai Li, Tang Lingzhen.
• Disclaimer: Information is based on public sources; not guaranteed. Use at your own risk. Reports copyrighted to HollyFutures and not to be reposted without permission.