Metals News
SHFE Base Metals Differentiating, SHFE Aluminium Leads Loss with over 2% Drop (2017-11-21)
price review forecast

SHANGHAI, Nov.21 (SMM)-Today Nonferrous metals keep differentiated with a weakened tendency. SHFE Aluminium leads loss among nonferrous metals with over 2% drop. SHFE Zinc slightly drops. SHFE Copper and Nickel rise nearly 1%. SHFE Lead rises 0.57%. SHFE Tin slightly gains. Ferrous metals universally rise with two cokes leading gain. Coke rises nearly 3%. Coking coal rises 2.76%. RB Steel follows closely with 2.67% gain. Hot-rolled coil rises over 1%. Iron ore rises nearly 1%.

Copper: Last night SHFE Copper moved above 60-day moving average. Today it moves stable. Bears and bulls are both prudent and reducing positions. In the short term copper price will keep volatile with certain range.

Nickel: In night SHFE Nickel is estimated to keep volatile. In night need to focus on US annualized rate of existing home sales in October.

Tin: Today domestic industrial products rise up again. Nonferrous metals most finish high. SHFE Tin keeps stable with remaining upper pressure. In the short term it is estimated to keep volatile and seek main direction.

Zinc: Today spot market moves weakened slightly. Bears and bulls keep restrained. SHFE Zinc lacks upward impetus with a low closure. With fundamentals unchanged, SHFE Zinc is estimated to reorganize in night.

Aluminium: In the short term bears’ closing out will probably prevent downward tendency of aluminium price. Maintain views of dropping price.

Lead: SHFE Lead moves among 5-day, 10-day and 20-day moving averages, failing to reach 18,800. In night it is estimated to move around 18,700, seeking upward breakthrough.

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