Metals News
SHFE Base Metals being Mixed Today, SHFE Nickel Leading Gain with 1% Rise (2017-11-24)
price review forecast

SHANGHAI, Nov.24 (SMM)-Today SHFE Base Metals are mixed. SHFE Nickel rises in the afternoon, finishing with over 1% gain. SHFE Tin rises nearly 1% in the afternoon. SHFE Copper slightly rises. SHFE Lead drops 0.58%. SHFE Zinc and Aluminium slight drops. Ferrous metals keep differentiated. Coking coal rises over 2% in the afternoon. Iron ore and coke rise over 1%. Hot-rolled coil drops 0.75%. RB steel slightly drops.

Copper: Today SHFE Copper moves strong with rising core. In the short term it is estimated to get upward space. In night focus on US first value of Markit Manufacturing Industry PMI in November.

Tin: SHFE Tin rebounds from low level. Next week it is estimated to keep rebounding tendency. Upward aim is 144,800 yuan per ton.

Aluminium: Considering bears becoming less aggressive in the short term, some capital chooses to leave the market with profits. Next week main contract of SHFE Aluminium is expected to keep volatile with slight rise of its core. Main range is 14,850-15,250 yuan per ton.

Zinc: Today SHFE Zinc is dominated by reducing positions. Bears and bulls are struggling more fiercely. With strong tendency of foreign market, SHFE Zinc is expected to keep stable at 25,600 yuan tonight.

Nickel: Today SHFE Nickel gains a capital inflow of 240 million. In night it is estimated to test upward 20 day-moving average. Light macroeconomic news in night.

Lead: SHFE Lead continues to move below all moving averages with strong support at 18,200 yuan. In night it is estimated to reorganize at this point and attempt to break 5-day moving average above.

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