SHFE Nickel Surged Nearly 3% to Lead Price Gains of Base Metals (2017-10-12)

SHANGHAI, Oct. 12 (SMM)－Ferrous metals mostly closed higher on October 12. SHFE rebar rose nearly 3%, and SHFE hot-rolled coil and coking coal increased nearly 4%. DCE iron ore and coke closed slightly higher.

SHFE base metals were mixed. SHFE nickel surged nearly 3% to lead price gains of base metals. 

Copper: SHFE Copper is expected to keep strong. But with relatively big rise amount, it may probably keep volatile at high points and conserve power to rise up. Need to focus US PPI data and EIA crude oil inventories during night.

Nickel: SHFE Nickel is estimated to keep volatile with resistance above around 9,000 yuan per tonne. Need to focus US number of firstly-applied unemployed of last week and EIA crude oil inventories during night.

Lead: SHFE Lead suffer resistance of 10-day moving average. The market is afraid of price drop with potential retracement risk in the short term. It may test 20-day moving average below.

Zinc: SHFE Zinc better off at closure. The 5-day moving average becomes the key position. It is expected to reorganize around 26,000 yuan per tonne during night session.

Aluminium: Production limit policies of Shandong Province the market pay lasting attention to has not been introduced till now. The bulls are performing prudently. Weaker fundamentals give some bears confidence. But need to focus on short-term operation. SHFE Aluminium is expected to keep volatile in inter-area oscillation.

Tin: This afternoon see most rise after drop of domestic commodities. SHFE Tin rebounded after decline low, but it still failed to break the resistance of moving average. It is estimated to keep volatile under pressure of 148,000 yuan per tonne for the short term.

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