SHFE base metals closed higher across the board October 9, while ferrous metals are mixed.
SHFE Base Metals Surge upon Reopening, with SHFE Zinc Refreshing 10-year High
SHFE zinc gained over 3% to hit a 10-year high, leading gains of base metals.
LME Base Metals Price Movement during Chinese National Day Holiday
Ferrous metals are mixed. SHFE rebar and hot-rolled coil surged over 2%. DCE coke fell nearly 1%, and DCE coking coal and iron ore dropped over 2%.
Tin: China’s manufacturing industry recovers well, which supports demand outlook of metals. Foreign markets rose broadly during the holiday. Today domestic nonferrous also closed up, following foreign tendency. The resistance above of SHFE Tin is 152,000 yuan per tonne and it is expected to continue to rise in the short term.
Copper: The whole day session witness a Doji.
Aluminium: Aluminium price slumped before the holiday. It is recommended not to be over bearish at aluminium price. That SHFE Aluminium is easy to rise than drop remains unchanged.
Nickel: SHFE Nickel is expected to run in a strong way during the night session.
Lead: According to current trend of continuous big positions cut of SHFE Lead 1710 Contract, there will be little possibility of corners eventually. SHFE Lead will probably remain to be volatile at high points during the night session.
Zinc: With the upcoming delivery, capital begins to transfer positions. SHFE Zinc is expected to run around 26,700 yuan per tonne, attempting upward to reach 26,800 yuan per tonne.
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