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SHFE Zinc and Lead Fell 2%, Leading Prices Drop (2017-10-10)
Oct 10,2017 17:40CST
SMM Comments
Source:SMM
SHFE base metals mostly fell on October 10 and closed with losses, except for nickel. SHFE zinc and lead fell 2%, leading price drop. Ferrous metals tumbled today.

SHFE base metals mostly fell on October 10 and closed with losses, except for nickel. SHFE zinc and lead fell 2%, leading price drop. Ferrous metals tumbled today. DCE coke closed 5% lower, and SHFE rebar dropped over 4%. SHFE hot-rolled coil and DCE coking coal slid over 3%, and DCE iron ore slumped over 2%.

Nickel: SHFE Nickel is estimated to be volatile during the night session, with obvious pressure around 88,500 yuan. Little news from the macro perspective tonight.

Copper: Today see a slump of ferrous metals as well as a universal decline of nonferrous metal. SHFE Copper is estimated to keep stable and relatively strong. It will probably test downward the 40-day moving average tonight.

Aluminium: Need to focus on support of the 40-day moving average during night session. SHFE Aluminium is estimated to drop before rise.

Tin: Today see price drop of most commodities, with SHFE Nickel gaining among nonferrous metals. Support point below is 145,500 yuan per tonne. It is estimated to be volatile under pressure in the short term.

Lead: Support of SHFE Lead is relatively strong. It is estimated to be volatile around the 10-day moving average. It will probably consolidate its strength to rise upward.

Zinc: SHFE Zinc dropped from high point today with resistance. Winners left the market with profit obviously. It will test downward the support of 5-day moving average. Zinc price is estimated to keep volatile around 26,000 yuan per tonne.


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