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SHFE Base Metals Keeps Weak, with SHFE Aluminium Leading Loss with 1.7% Drop (2017-11-29)

Price Review & Forecast 05:20PM Nov 29, 2017 Source:SMM

SHANGHAI, Nov.29 (SMM)-Today Nonferrous metals keep volatile and lowering, with SHFE Aluminium leading loss with 1.71%. SHFE Copper drops 0.88%. SHFE Zinc drops 0.6%. SHFE Tin drops 0.53%. SHFE Lead drops 0.44%. Ferrous metals performs strong, RB steel rises 2.57%. Iron ore and hot-rolled coil rise over 2%. Coking coal rises over 1%. Coke slightly gains.

Copper: Today SHFE Copper keeps stable between 10-day and 60-day moving averages. In night it is estimated to test support of 60-day moving average. See US corrected value of GDP quarterly growth in Q3 and pending home sales in October.

Nickel: In night SHFE Nickel is estimated to move weak. In night see US corrected value of GDP quarterly growth in Q3, Yellen’s talk on US economic prospect at Congressional Joint Economic Committee as well as weekly EIA crude oil inventory.

Aluminium: Maintain views of downward tendency of SHFE Aluminium.

Tin: Today domestic commodities mostly keep strong while nonferrous metals perform weak. SHFE Tin lowers its core again, with support below at 141,000 yuan per ton and resistance at 144,000 yuan per ton. In the short term it is expected to keep volatile under pressure.

Zinc: Today SHFE Zinc drops after rises. With better transaction in three major markets and bears in dominant position, if LME Zinc performs not well, SHFE Zinc will keep weak tendency.

Lead: SHFE Lead gets a long lower shadow today under pressure of all moving averages. With adhesive 40-day and 60-day weekly moving averages, in night it is estimated to test their support effectiveness.


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Key Words:  copper   aluminium   lead   zinc   tin   nickel