SHANGHAI, Dec.1 (SMM)－Today nonferrous metals polarize with SHFE Lead leading rise with 2.52% gain. SHFE Zinc gets a larger growth with 1.51% rise. SHFE Aluminium and Copper slightly gain. SHFE Nickel leading loss among bulk stock with 1.54% drop. SHFE Tin drops nearly 1%. Ferrous metals keep differentiate. Coke surges over 3%. Coking coal rises over 2%. Iron ore rises nearly 2%. Hot-rolled and RB steel slight drop.
Copper: Today SHFE Copper stabilizes after consecutive drop. With previous support at 52,500 yuan per ton. Copper price will keep volatile in the short term, waiting for further direction.
Zinc: Today SHFE Zinc rebounds at bottom, ending up with a long lower shadow and testing support strength below. Currently it stabilizes at 25,000 yuan per ton. In night it is estimated to stabilize and test pressure level at 10-day moving average upward.
Tin: Today only SHFE Nickel and Tin finish low among base metals. SHFE Tin performs weak recently, breaking previous support of 141,000 yuan per ton, with potential further dropping risk and support at 137,000 yuan per ton. Considering upcoming delivery of contract 1801, downward space is limited with bears’ short-selling in short term.
Aluminium: Maintain views on aluminium price of easy drop but hard rise, with slower downward range and speed. Next week SHFE Aluminium is expected to move between 14.400-14.800 yuan per ton.
Lead: With Upper great pressure of 40-day and 60-day moving averages, in night it is estimated to reorganize around 20-day moving average and seek upward impetus.
Nickel: In night SHFE Nickel is estimated to keep volatile at low level. In night see Yellen’s meet with participants of national colleges and universities challenges to FED and US ISM Manufacturing Index in November.
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