Metals News
SHFE Base Metals Differentiate with Stable Tendency, SHFE Lead leading Loss with 3% Drop (2017-11-23)
price review forecast

SHANGHAI, Nov.23 (SMM)-Nonferrous metals differentiate today with stable tendency. SHFE Lead leading loss with nearly 3% drop. SHFE Nickel and Tin drop nearly 1%. SHFE Copper slight drops. SHFE Aluminium slightly rises by 0.6%. SHFE Zinc gains a little. Ferrous metals mostly rise. Iron ore leading gain with over 3% rise. Coking coal rises nearly 3%. RB steel rises 0.84%. Coke slightly rises. Hot-rolled coil slight drops.

Copper: This week see a consecutive three days’ finishing high. Today see a technical retracement but still above 20-day moving average. SHFE Copper is expected to reorganize around this average tonight. Late see November PMI first value of manufacturing industry in Eurozone.

Tin: Today see a mixed result for domestic commodities. SHFE Tin accelerates dropping after long-time reorganization. With relatively strong support of 141,000 yuan per ton below, it is estimated to test the strength of this point. If it gets effective support, the price may rebound to some extent. If the supporting point is broken, the price may further drop to 137,000 yuan per ton.

Zinc: Today SHFE Zinc keep stable and weak, with support of below various adhesive moving averages. Need to be alert to pressure of light transaction of spot market. In night need to focus on supporting strength of below 20-day moving average.

Nickel: SHFE Nickel is supported by 40day and 60-day moving averages. It is estimated to keep volatile tonight. In late this night see November PMI first value of manufacturing industry in Eurozone.

Aluminium: Despite reduction of arrival at consumption places due to restriction of Xinjiang shipment, with over 1.7 million tons inventory, aluminium price cannot be supported by this factor. Maintain views of downward tendency of SHFE Aluminium in medium term. In the short term, need to focus on supporting effectiveness of 15,000 yuan per ton.

Lead: SHFE Lead finished below all moving averages today. In night it is estimated to seek support around previous low point of 18,200 yuan and keep wandering at low level.

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