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SHFE Base Metals Losses Eased, SHFE Nickel Leading at 2.62% Drop (2017-11-16)
Nov 16,2017 17:26CST
price review forecast
Source:SMM
Today see a narrowing drop amount of nonferrous metals. SHFE Nickel keeps lowering with 2.62% drop. SHFE Lead drops 1.49%. SHFE Zinc and Copper drops over 0.7%.

SHANGHAI, Nov.16 (SMM)-Today see a narrowing drop amount of nonferrous metals. SHFE Nickel keeps lowering with 2.62% drop. SHFE Lead drops 1.49%. SHFE Zinc and Copper drops over 0.7%. SHFE Tin rises slightly with 0.16% gain. Ferrous metals differentiate. Iron ore rises over 1%. Coke rises slightly. Coking coal drops over 2%. RB steel drops 1.58%. Hot-rolled coil slight drops.

Zinc: SHFE Lead stabilizes at low pint today. Bears and bulls struggles fiercely. In night it is estimated to move around 25,000 yuan per tonne.

Copper: In the short term copper price will still test support of 60-day moving average. Need to focus on fund flow and new development. In night see US first-time claims for jobless number this week and monthly rate of US industrial output in October.

Lead: Today SHFE Lead moves below each moving average. In night it is estimated to keep volatile at low level.

Tin: Today domestic industrial commodities keep week including nonferrous metals. SHFE Tin keeps volatile under pressure with below support at 141,000 yuan per tonne. In the short term it is estimated to move under pressure.

Nickel: Today SHFE Nickel gains a capital inflow of 170 million yuan. In night it is estimated to keep volatile with support at 40-day moving average. In night see US first-time claims for jobless number this week and monthly rate of US industrial output in October.

Aluminium: It takes time to reflect implementation of production limit to change of aluminium ingots inventory. Bears in nonferrous section will keep cutting upward impetus of aluminium. In night SHFE Aluminium is expected to return to struggle for 5-day moving average.


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