Home / Metal News / Limit-up of SHFE Nickel, with Other Metals Mixed (2017-11-01)

Limit-up of SHFE Nickel, with Other Metals Mixed (2017-11-01)

iconNov 1, 2017 16:18
Source:SMM
SHFE Nickel gains a limit-up. Other commodities drops during entire day after rushing high in morning session.

SHANGHAI, Nov.1 (SMM)-Today see a mixed open for ferrous metals. Entire day follows a volatile drop after slight rush high in morning session. RB steel and hot-rolled coil drops more dramatically at closure, with mixed results. Thereinto coking coal drops slightly, RB steel drops nearly 1%, hot-rolled coil drops over 2%, iron ore and coke rise almost 1%. SHFE Base Metals mostly rise this day. SHFE Nickel gains a limit-up, SHFE Copper rises over 1%, with rushing high in morning and afternoon session. Other commodities drops during entire day after rushing high in morning session. SHFE Aluminium performs weak and drops nearly 1%.

Tin: The tendency like roller coaster is mainly caused by bears’ adding huge positions and reducing after gaining profits. SHFE Nickel’s limit-up drives other base metals. While SHFE Tin is not stable and drops after rushes high. Current support below is 142,500 yuan per tonne. It is expected to keep volatile and seeking direction.

Copper: With regard to the board, today leaves a long upper shadow. With weak bull’s power, SHFE Copper is hard to keep strong. In night need to focus on US PMI final value of Markit Manufacturing industry in October.

Nickel: SHFE Nickel is expected to open its limit-up in night session and keep volatile. In night need to focus on US ADP change of employment number and US ISM manufacturing industry index in October as well as US EIA crude oil inventories on week of Oct.27th.

Lead: SHFE Lead is possible to keep volatile around 5-day moving average, with obvious pressure at 19,000 yuan per tonne.

Aluminium: SHFE Aluminium will keep weak in the short term, but in night it may encounter a slight rebound under market of price rise and position drop.

Zinc: SHFE Zinc ends up with an upper shadow with new high for capital operation during past ten years. Weak consumption of fundamentals  and short supply of mines struggles with each other. If no special event leads in night, SHFE Zinc will reorganize around 26,000 yuan per tonne.


For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn. 

copper
aluminium
lead
zinc
tin
nickel

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All