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Copper: LME Copper is not expected to rally above $7,000/mt in the near term and SHFE copper sees upper resistance at 54,000 yuan/mt. While we expect LME copper to trade at $6,900-6,950/mt today, the SHFE 1802 contract is expected to trade at 53,500-54,400 yuan/mt. In the physical market, spot discounts are seen at 190-130 yuan/mt today with sufficient supply.

Aluminium: LME aluminium is expected to test the resistance at the 40-day moving average, trading at $2,090-2,115/mt. SHFE Aluminium, however, seems weaker and with upper pressure at the 20-day moving average. Trading is to happen between 14,450 and 14,650 yuan/mt. Spot discounts remained 230-190 yuan/mt.

Nickel: LME nickel is likely to seek support from the 40-day moving average and trade in a narrow range today. SHFE nickel is expected to trade at 94,200-95,800 yuan/mt, with spot price at 93,900-95,600 yuan/mt.

Zinc: LME zinc lacks support to move upward and it is expected to trade at $3,165-3,210/mt today. On the SHFE, tighter funds and poor physical activity have restrained increase in price, which is estimated to trade at 25,200-25,600 yuan/mt.

Tin: LME tin is set to remain rangebound at high level with upper resistance at $19,400/mt in the near term. SHFE 1801 contract is expected to trade at 136,500-138,500 yuan/mt today. Such rangebound movement has led the physical market to be stable with an expected level of 137,500-138,500 yuan/mt today.

Lead: SHFE lead is likely to be weaker today, testing the support at 5-day moving average