SHFE Copper Rises Over 1.6%, Leading Gain of Base Metals (2017-10-24)

SHANGHAI, Oct. 24 (SMM)－Today most ferrous metals open high during morning session. RB, hot-rolled coil moves strong and volatile. Coke and coking coal drop in the noon and stabilize in the afternoon. Iron ore diving slightly at closure. Up to closure, the results are mixed. Thereinto, iron ore slightly drops, RB and hot-rolled coil rises over 1%, coking coal drops over 3%, coke drops over 1%. SHFE Base Metals mostly continue yesterday’s tendency of rebound. All metals rush high after open high and keep volatile in the afternoon. SHFE Copper rises over 1.6%, leading gain of base metals, once touching 56,000 tonnes per tonne during session.

Nickel: SHFE Nickel is estimated to keep volatile at high points during night session. Little macro-economic news in night.

Lead: SHFE Lead is moving its core upward continuously. Market’s panic emotion has been relieved. Will test upward if it can stand above the 60-day moving average.

Tin: Today see a universal rise of nonferrous metals. SHFE Tin once broke 5-day moving average, rushing towards average above, but it still pressed by 5-day moving average. Currently SHFE Tin is strongly supported at 144,000 yuan per tonne. It is estimated to rebound slightly in the short term, with resistance at 146,000 tonnes.

Copper: SHFE Copper is expected to keep volatile at high points during night session. Late this night need to focus on the US PMI of Markit Manufacturing Industry in October.

Zinc: SHFE Zinc moves strongly during the day but lacks some upward impetus, with relatively obvious pressure at above 10-day moving average. In night need to focus on whether SHFE Zinc can break through 10-day moving average effectively.

Aluminium: It is hard for SHFE Aluminium to get rid of the twining range of moving averages, without direction form the time being. Need to focus on inventories change.

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