Metals News
Nonferrous Metals Rises More than Drops, SHFE Lead Leading Gain at 2% Rise (2017-11-10)
price review forecast

SHANGHAI, Nov.10 (SMM)-Today ferrous metals slump dramatically with over 3A% drop. Iron ore drops over 1%. Coke and RB steel rise slightly. Hot-rolled coil rises over 1%. Nonferrous metals rises more than drops. SHFE Nickel drops over 1%. SHFE Aluminium drops slightly, SHFE Lead rises over 2%. SHFE Tin rises over 1%. SHFE Zinc and Copper rise slightly.

Copper: Today SHFE Copper slows down its downward tendency, with rising of its core compared with last night. With the year-end coming, downstream consumption is unlikely to resume. In the short term it is estimated to keep weak.

Lead: SHFE Lead is pressed by 60-day moving average with obvious upward resistance. LME Lead is estimated to keep volatile in night.

Zinc: SHFE Zinc returns today. It recovers a little bit with low consumption stimulation. B Bears close out and withdraw. Upper shadow breaks all moving averages. With pressure of above various averages, SHFE Zinc is estimated to recognize at night and seek opportunities to go up.

Tin: Today see most domestic commodities going down. SHFE Tin stabilizes and rebounds. Bears are closing out after getting profits but bulls are not entering into the market. With above resistance at 145,500 yuan per tonne, SHFE Tin may test whether the rebound can continue in the short term.

Nickel: Today SHFE Nickel loses a 342 million capital outflow. In night it is estimated to keep weak. Need to focus on US University of Michigan confidence data in November.

Aluminium: With weak consumption and inventories pressure, SHFE Aluminium is expected to keep weak. Contract 1801 of SHFE Aluminium is estimated to drop to 15,000-15,500 yuan per tonne.

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