SHANGHAI, Sept. 26 (SMM) – Ferrous metals mostly closed with volatile on September 26, while most SHFE base metals finished higher.
Ferrous Metals : Today ferrous metals opened high slightly and ran smoothly during the morning session. After 2 pm witnessed a slight retracement. The indexes are mixed at closing but overall it keeps volatile for the whole day. Shanghai Metals Index opened high and ran in a relatively volatile way. Up to daytime session’s closure, all indexes gained higher and continued to rebound. Shanghai Zinc Index rose over 2%, leading base metals.
Copper: Today, base metal indexes all rise without exception. Shanghai Futures Copper rebounds slightly. Near National Day Holiday, Shanghai Copper Index is likely to keep stable. It is recommended to pay attention to the data of new home sales in US and speech of voting committee member of FED, as well as the tendency of USD.
Nickel: Shanghai Nickel Index is expected to run in a volatile way with possible resistance at 85000 yuan. It is recommended to pay attention to the data of new home sales in US.
Tin: Today witnessed again a universal rise of all domestic commodities. Nonferrous metals overall remain strong, Shanghai Tin Index aims at 148,000 yuan per tonne after breaking resistance of 147,000 yuan per tonne. But considering rigid demand of domestic downstream is limited, it needs to be observed if the rising trend can be sustainable. The supporting point below is 145,500 yuan per tonne.
Lead: The lead price remains strong for short term.
Zinc: The main part of Shanghai Zinc Index returned to fundamentals during the day session. The Zinc price keeps rather strong, almost above all moving averages. It is expected Shanghai Zinc Index is likely to run above all moving averages.
Aluminium: Capital seems to be very prudent before National Day. Stock reduction is the mainstream. It is expected that the Aluminum price will keep volatile at high points.
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