SHANGHAI, Oct. 11 (SMM)－Both ferrous and nonferrous metals performed poorly today. Most base metals on the SHFE went down after mixed opening. SHFE aluminum lost nearly 2%, while SHFE copper showed signs of rising before today’s close. Ferrous metals fell across the board, except coking coal, which ended with small gains.
Tin: Today see a universal drop of domestic commodities. Nonferrous metals decline mostly. SHFE Tin almost reached the bottom moving average. Risk of further drop still exists, with support below of 144,000 yuan per tonne.
Copper: SHFE Copper is expected to keep stable in a relatively strong way. It will probably test validity of the 5-day moving average. Focus on the conference statement of FED during night.
Lead: SHFE Lead has relatively enough space toward 20-day moving average below. It is estimated to keep volatile and recognize around 10-day moving average.
Aluminium: The market has some guess about the reason why Shandong has not introduced detailed plan of production limit during heating season yet. Plus weak consumption and record-high inventories of aluminum ingot, compared with zinc and lead with optimistic fundamentals, bulls of aluminum appears to be prudent and bears wait chances to sell short. Need to wait and see for the short term.
Zinc: SHFE Zinc turned back almost all rise amount yesterday, but 5-day moving average is quite strong. It is estimated to keep volatile around 26,000 yuan per tonne in night session.
Nickel: SHFE Nickel is predicted to go downward in a volatile way during night session.
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