SHANGHAI, Sept. 25 (SMM) – Ferrous metals mostly closed with declines on September 25, while most SHFE base metals finished higher.
Ferrous metals fell rapidly after opening and bottomed for the day around 10:00 am, and remained range-bound in the afternoon.
SHFE base metals diverged and mostly closed with gains except for aluminum and nickel. SHFE nickel prices plunged over 2%, tracking ferrous metals prices.
Copper: Today, Shanghai copper futures remains stable. Near the National Day holiday, bull and bear performs prudently. The cooper prices may continue to fluctuate at low point for short term. Little night data.
Today domestic non-ferrous metal is overall strong. Shanghai Futures Tin attempted to go up but got resistance again at 146000 RMB per ton. It is expected to remain volatile for short term, with resistance 146000 RMB per ton and supporting 142500 RMB per ton.
Shanghai Lead runs above each moving average again. The supporting point below is relatively strong but bulls are still not firm. It is expected to remain volatile at high point for short term.
Since no substantial supporting good news, the Aluminum price remains retracement. But before the work policy of heating season is implemented, bearish Aluminum price should not be expected. It is expected that the depth of retracement is limited and rally of Aluminum price at low point should be alerted.
It is expected that the Shanghai Nickel may fluctuate in a volatile way in night, which may get resistance at 85000 RMB per ton. Little night macro data.
Currently Shanghai Zinc is sensitive to macro news. In addition to the upcoming National Day holiday, running of Shanghai Zinc may be more prudent. Shanghai Zinc may stabilize above 25000 RMB per ton in night.
The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.
For news cooperation, please contact us by email: email@example.com or firstname.lastname@example.org.