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SHFE Base Metals Keeps Differentiated and Volatile, with Mixed Results at Closure (2017-11-03)
Nov 3,2017 16:31CST
price review forecast
Source:SMM
SHFE Base Metals keeps differentiated and volatile, with mixed results at closure.

SHANGHAI, Nov.3 (SMM)-Today see a universal open high for ferrous metals. After keeping volatile in the morning, the prices dive quickly. Most rise at closure. Thereinto RB steel slightly drops, coke and hot-rolled coil slightly rise, iron ore rises over 0.5%, and coking coal rises nearly 2%. SHFE Base Metals keeps differentiated and volatile, with mixed results at closure.

Copper: With regard to the fundamentals, currently spot market appears to be in struggle between supply and demand. In the short term copper price is expected to keep volatile.

Zinc: SHFE Zinc moves stable during the day. Weak transaction in spot market restricts bulls' action. In night SHFE Zinc may move around 26,000 yuan per tonne.

Tin: Today see a mostly rise for domestic commodities. Nonferrous metals are mixed. SHFE Tin keeps volatile under pressure with support below at 142,500 yuan per tonne.

Nickel: Today SHFE Nickel see a 272 million capital outflow. In night SHFE Nickel is estimated to keep volatile. In night there will be much news on macro data, Need to focus on the US non-agricultural employment population change, which is estimated to surge by the market.

Lead: SHFE Lead is supported by 5-day moving average. It is estimated to be volatile between 18,600 and 18,900 yuan per tonne in night.

Aluminium: With tense supply inferior to anticipation and weak consumption of downstream enterprises, Aluminium price is estimated to keep weak and volatile. Bears are getting powerful, with downward space of its core. SHFE Aluminium Main Contract will be volatile between 16,000 and 16,350 yuan per tonne, testing below support of 16,000 yuan per tonne.


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