SHANGHAI, Oct. 23 (SMM)－Today see a mixed open for ferrous metals, with entire day’s volatile tendency. Up to day time closure, the results are mixed. RB rises over 0.5%, iron ore and hot-rolled coil rise over 1%, coke drops over 2%, coking coal drops nearly 0.5%. SHFE Base Metals mostly open low, reorganizing after slightly rise in the morning session. Differentiation continues.
Nickel: SHFE Nickel is expected to keep volatile at high points during night session. Little macro-economic information in night.
Lead: SHFE Lead has relatively strong resistance at above 60-day moving average. Recently bulls and bears are both prudent. In the short term it is estimated to reorganize at low points.
Copper: SHFE Copper drops after rises. In the short term the core of copper price will probably continue to move downward and store up energies to rebound after slight retracement. During night need to focus on the consumer sentiment index of Eurozone in October.
Zinc: SHFE Zinc keeps stable today with cylinder above 40-day moving average. During night it may follow foreign market’s rising tendency and test upward pressure of 20-day moving average.
Tin: SHFE Tin temporarily keeps stable at 144,000 yuan per tonne. It is estimated to test the support. If the support is strong enough, it will get a slight rebound with resistance at 146,000 yuan per tonne.
Aluminium: Influenced by rebound of ferrous metals and drop of aluminium ingot inventories, the aluminium price has adjusted back to 5-day moving average. It is estimated to test the support during night session and keep volatile. Drop of aluminium ingot inventories is mainly because downstream are stocking up at low prices and reduced inventories due to the 19th CPC National Congress, which does not symbolize the recovery of downstream consumption. It still needs to be further observed whether the aluminium ingot inventories will drop further.
For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.
