SHFE Base Metals Mostly Finished High, with SHFE Zinc Leading Gain with 2% Rise (2017-11-22)

SHANGHAI, Nov.22 (SMM)－Today see most nonferrous metals gaining. SHFE Zinc rises over 2%. SHFE Lead rises 1.61%. SHFE Copper rises 1.56%. SHFE Nickel rises nearly 1%. SHFE Tin and Aluminium slight drop.  Ferrous metals rise across the board. With two cokes leading high, coking coal surges 6.74%, coke rises over 4%. RB steel rises over 2%. Hot-rolled coil and iron ore rise nearly 1%.

Copper: In night SHFE Copper is estimated to keep rising. Need to focus on US weekly first-time claims for jobless number.

Zinc: Today SHFE Zinc moves at high level with slackened transaction in spot market. With no news directing, the upward space is limited. SHFE Zinc is expected to attempt to stand above all moving averages in night and then move stable.

Nickel: In night SHFE Nickel is estimated to keep volatile. Need to focus on US weekly first-time claims for jobless number, monthly ratio of US durable goods orders in October and EIA weekly crude oil inventory.

Tin: Today most domestic commodities finished high. SHFE Tin keeps weak. In the short term it is expected to move under pressure with support at 141,000 yuan per tonne and resistance at 144,000 yuan per tonne.

Aluminium: Up to now, bears’ capital has attained high yield. In the comment yesterday, we also mentioned that bear’s closing out will prevent SHFE Aluminium from dropping. In the short term need to focus on whether SHFE Aluminium can recover round number of 15,000 yuan per tonne. In mid-term keep views of downward tendency of SHFE Aluminium.

Lead: SHFE Lead stands above 20-day moving average with great pressure of upper 19,000 yuan per tonne. In night it is estimated to keep volatile around 10-day moving average.

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