Grim Market for SHFE Base Metals, with SHFE Nickel Leads Loss with Almost 4% Drop (2017-11-28)

SHANGHAI, Nov.28 (SMM)－Today see a grim tendency for nonferrous metals. SHFE Nickel leads loss with almost 4% drop. SHFE Zinc and Aluminium drop nearly 2%. SHFE Copper drops 1.51%. SHFE Tin slightly drops. Ferrous metals differentiate with hot-rolled coil rising over 1% and RB steel rising 0.7%. Coking coal slight gains. Iron ore drops over 1%. Coke drops 0.6%.

Copper: Today see a universal drop among SHFE Base Metals. SHFE Copper keeps retracing. In the short term the weak volatile tendency may go on. In night see US wholesale inventories in October and public hearing of U.S. Senate Banking Committee on nominating Powell for chairman of FED.

Aluminium: Despite better condition of spot shipment, with 1.7 million tons spot inventory and pessimistic prospect of consumption next year. Maintain views of downward aluminium price in medium term.

Nickel: With bears dominating, main contract 1805 of SHFE Nickel may keep weak in night. In night see public hearing of U.S. Senate Banking Committee on nominating Powell for chairman of FED and US Conference Board's consumer confidence index in November.

Zinc: SHFE Zinc drop for supplement today, losing support of round number of 25,000 yuan per ton. Currently bulls are not willing to purchase to save the market but bearish emotion keeps fermented.

Tin: Today most domestic commodities drop with universal slip for nonferrous metals. SHFE Tin drops under pressure. In the short term it is estimated to keep volatile under pressure between 141,000-144,000 yuan per ton.

Lead: SHFE Lead continues to move below 5-day moving average with upper pressure of all averages and strong support at 18,000 yuan per ton. In night it is estimated to keep weak and volatile.

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