Metals News
Gloomy Wednesday, SHFE Nickel Falls staying, Leading Loss across the Board (2017-11-15)
price review forecast
17:26PM
Source:SMM

SHANGHAI, Nov.15 (SMM)-Today see a gloomy market. Both ferrous and nonferrous markets go down. SHFE Nickel falls staying, leading loss among base metals with over 6% drop. SHFE Zinc drops over 3%. SHFE Lead and Copper drops over 2%. SHFE Tin and Aluminium drops slightly. Iron ore leads ferrous metals slumping with over 4% drop. Coking coal drops nearly 3%. RB steel drops over 2.5%. Coke drops over 1%. Hot-rolled coil drops 0.79%.

Copper: Today SHFE extends downward tendency of last night. In night it is estimated to keep weak, testing support of below moving averages. In night need to focus on US CPI in October and EIA weekly change of crude oil inventories.

Zinc: SHFE Zinc failed to make up previous drop amount today. With weak macroeconomic news, investors have little anticipation on better consumption at year-end. Since outsiders are bearish at metals market, bearish emotions are being fermented. In night focus on the support strength of 15,000 yuan per tonne.

Nickel: Today SHFE Nickel loses a 520 million capital outflow. In night it is estimated to keep volatile. Need to focus on US CPI monthly rate in October and US NY Empire State Index in November.

Lead: Main contract 1801 of SHFE Lead breaks down various moving averages today. In night it is estimated to keep volatile at low level.

Tin: Today SHFE Nickel falls staying, leading loss across the board of nonferrous metals. Although SHFE Tin rebounds at low level, its tendency still experiences pressure with support at 141,000 yuan per tonne. In the short term it is estimated to keep weak.

Aluminium: Bears and bulls have a fierce struggle at 15,500 yuan per tonne and 5-day moving average, which needs to be focused on. With changed macro anticipation, aluminium price is hard to rebound effectively.


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