SHFE Copper Leading Loss, Nonferrous Metals Drops Without Exception (2017-11-08)

Published: Nov 8, 2017 17:26

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Today see a drop for nonferrous metals across the board. SHFE Copper drops over 2%, leading the loss, followed by SHFE Zinc of 2% drop.

SHANGHAI, Nov.8 (SMM)－Today see a drop for nonferrous metals across the board. SHFE Copper drops over 2%, leading the loss, followed by SHFE Zinc of 2% drop. SHFE Nickel and SHFE Aluminium drops over 1%. Ferrous metals differentiates. Coke rises 2.36%, coking coal rises over 1%, RB steel slightly ruses. While hot-rolled coil and iron core slight drops.

Nickel: SHFE Nickel is expected to move in a volatile way this night. In night need to focus on US weekly EIA crude oil inventories.

Copper: Today see a universal drop of nonferrous metals. SHFE Copper continues downward tendency with a shadow line closure. Breaking 5-day, 10-day and 20-day moving averages, copper price is expected to have further retracement space in the short term. In night need to focus on US weekly EIA crude oil inventories.

Lead: SHFE Lead got obvious resistance against rising. It is estimated to keep volatile in night.

Zinc: SHFE Zinc moves weak today=, with lower shadow testing 40-day moving average. Bears are adding position but bulls have no actions. Consumption in three places has recovered to some extent because of lower price. In night SHFE Zinc is estimated to seek to defend 40-day moving average.

Aluminium: Aluminium price is expected to keep weak in medium term.

Tin: Today see a universal rise for domestic commodities. SHFE Base Metals are mixed at closure. SHFE Tin keeps weak with below support at 141,000 yuan per tonne. In the short term it is expected to keep weak tendency.

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