Metals News
SHFE Copper Returns, with Nickel Gaining a 6-day Consecutive Rise (2017-11-06)
price review forecast
17:21PM
Source:SMM

SHANGHAI, Nov.6 (SMM)-Today see a universal rise for ferrous metals. Most of them rises after slight retracement. Thereinto iron ore leading the rise by 6% gain, hot-rolled coil and coke rise over 3%, coking coal and RB steel rise almost 3%. SHFE Base Metals continue to differentiate. SHFE Copper gets rid of previous downward tendency and keeps rising. SHFE Nickel keeps strong and rises over 2%, with a 6-day consecutive gain at closure.

Nickel: Today SHFE Nickel gains a 294 million capital inflow. It is estimated to keep volatile during night session. There will be little macroeconomic news in night.

Copper: SHFE Copper has its core upward, with active bulls. In night it is expected to keep volatile within range. There will be little news in night.

Lead: SHFE Lead move with 5-day and 10-day moving averages today. Driven by good news of LME Copper, it is estimated to keep rising in night.

Zinc: Today LME Zinc appears relatively strong, testing upward 26,000 yuan per tonne. Based on status quo of weak consumption, the writer thinks support for zinc price has weakened. Need to be cautious about retracement risk of zinc price in night.

Tin: Today see a universal surge of domestic industrial products. But SHFE Tin keeps weak, with below 142,500 yuan per tonne. It is expected to keep volatile in the short term and seek direction.

Aluminium: Today SHFE Aluminium has its daily moving average finished at 16,160 yuan per tonne under pressure. In the short term it is estimated to keep weak and volatile.


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