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

Published: Nov 29, 2017 17:20

Save

Today Nonferrous metals keep volatile and lowering, with SHFE Aluminium leading loss with 1.71%. SHFE Copper drops 0.88%.

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.

For news cooperation, please contact us by email: gaotian@smm.cn or service.en@smm.cn.

copper aluminium lead zinc tin nickel

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47