Nonferrous Metals Fall More than Rise, SHFE Aluminium Leading Loss with 2.67% Drop (2017-11-09)

SHANGHAI, Nov.9 (SMM)－Up to daytime closure, nonferrous metals fall more than rise. SHFE Aluminium leading loss with 2.67% drop. SHFE Nickel drops over 2% during the session. SHFE Copper drops nearly 1% in the afternoon. SHFE Tin goes down slightly. SHFE Zinc move sin a wide range with a slight gain at closure. SHFE Lead pulls up in the afternoon with a small rise at closure. Ferrous metals are mixed. Coking coal leads gain with over 2% rise. Hot-rolled coil rises nearly 1%. RB steel and coke slightly rise. Iron ore drops over 1%.

Copper: Copper price is estimated to retrace in the short term, testing support of 40-day moving average below. In night need to focus on US first-time claims for jobless number this week.

Lead: SHFE Lead is expected to keep volatile in night.

Zinc: SHFE Zinc today seems volatile today. It get a little recovery under weak consumption. Capital is still bearish at zinc. With good resistance against drop but weak foreign market, SHFE Zinc may move between 40-day and 20-day moving average under pressure. Need to focus on support of below 40-day average.

Tin: Today see a volatile tendency for domestic commodities. Nonferrous metals drop without exception. SHFE Tin gets support at 141,000 yuan per tonne. The tendency is stable temporarily at low level. In the short term it will keep testing the support strength of this position.

Nickel: Today SHFE Nickel loses a 343 million capital outflow, In night it is expected to keep weak. In night need to focus on US first-time claims for jobless number this week.

Aluminium: SHFE Aluminium is expected to keep weak in the short term. In the future it may stabilize at 15,000~15,300 yuan per tonne for main contract.

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