SHFE Base Metals Move Weak, with SHFE Lead & Zinc Slightly Gain (2017-11-30)

SHANGHAI, Nov.30 (SMM)－Today see a weaken open for nonferrous metals. SHFE Lead and Zinc slightly gain. SHFE Nickel drops 1%. SHFE Tin drops 0.81%. SHFE Aluminium drops 0.72%. SHFE Copper drops 0.64%. Ferrous metals move high today. Coke surges 3.71%. Iron ore and coking coal rise almost 3%. RB steel rises over 2%. Hot-rolled coil slightly gains.

Zinc: In night SHFE Zinc is probably resisted at 25,000 yuan per ton and keep volatile.

Copper: In the short term, copper price still got downward space, but still need to be alert at technical correction after consecutive drop. In night keep attention to US weekly first-time claims for jobless number.

Nickel: SHFE Nickel is estimated to move downward in night. In night see first value of CPI in Eurozone in November and US PCE monthly ratio in October.

Tin: Today see a mixed result for nonferrous metals. SHFE Tin keeps weak with current 141,000 yuan per ton. In the short term it may test supporting strength of this position.

Lead: SHFE Lead keeps violate within wide range under pressure of 5-day moving average. With pressure of upper averages and strong support of 18,000 at bottom, in night it is expected to keep volatile at low level.

Aluminium: On the issue whether aluminium plants will reduce production remains to be confirmed. Recommend wait and see for the time being.

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