Today see a mixed open for ferrous metals. Other commodities have an obvious upward impetus. SHFE Nickel rises over 3%, leading among base metals.
price review forecast
With pervious poor fundamentals, SHFE Aluminium experienced a declining tendency.
LME copper will drop to USD 6,940-6,990/mt today on negative technical side, while SHFE 1712 copper will move at RMB 54,100-54,600/mt.
LME aluminum rallied notably yesterday, and will hover at highs of USD 2,140-2,165/mt today.
LME tin will test support at USD 20,000/mt today.
LME lead will fluctuate at highs between USD 2,465-2,495/mt today.
China’s Q3 GDP slowed to 6.8%, and value-added at large industrials accelerated in September.
LME zinc is expected to move between USD 3,095-3,140/mt today.
Today see an obvious frustration for ferrous market.SHFE Lead appears to dive at closure with over 3% loss, leading drop of Base Metals.
SHFE Zinc main 1712 Contract opens low last night, plunging to 20-day and 40-day moving average with the lowest point of 24,830 yuan per tonne, testing support of 60-day moving average.
Linyi Municipal Environmental Protection Agency of Shandong province released Notice on Instructions of Production Suspension & Limit of Provincial Steel Companies during Heating Season.
Copyright @ 2017 SMM Inc. All rights reserved.