SHFE Base Metals Differentiates, with SHFE Nickel Leading Drop at 1.73% (2017-11-17)

SHANGHAI, Nov.17 (SMM)－Today see a differentiated tendency for both ferrous and nonferrous market. SHFE Zinc and Copper slightly rise. SHFE Nickel drops 1.73%. SHFE Aluminium drops nearly 1%. SHFE Tin and Lead slightly drop. Iron Ore leads ferrous metals gain with almost 2% rise. Coke rises over 1%. Coking coal rises 0.68%. Hot-rolled coil has a greater drop of 2.45%. RB steel drops at 1.71%.

Copper: SHFE Copper is estimated to keep volatile in the short term, seeking breakthrough with clear direction. In night see US annualized number of housing starts in October and building license number.

Lead: SHFE Lead moves away from each moving average, closing to below 18,200 yuan. It is estimated to keep weak in night.

Nickel: In night SHFE Nickel is estimated to keep volatile. In night see US annualized number of housing starts in October and building license number.

Zinc: Today SHFE Zinc goes high with bears cutting down positions, making up drop amount yesterday. Recovering 15,000 point, SHFE is lacking in upward impetus. In night it is estimated to reorganize.

Tin: Today see a stable tendency for domestic commodities. SHFE Tin drops under bears’ pressure. In the short term it has not been stabilized yet, probably testing support of lowest 141,000 yuan per tonne.

Aluminium: Cost supports market to be confident in 150,000 yuan per tonne. Next week SHFE Aluminium is expected to move volatile between 15,000-15,500 yuan per tonne.

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