SHFE Base Metals Mostly Move High, with SHFE Lead & Zinc Leading Gain (2017-12-04)

Published: Dec 04, 2017 17:21 (GMT+8)

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Today most nonferrous metals move high with mixed results. SHFE Lead and Zinc rise over 2%.

SHANGHAI, Dec.4 (SMM)－Today most nonferrous metals move high with mixed results. SHFE Lead and Zinc rise over 2%. SHFE Nickel rises nearly 2%. SHFE Copper rises over 1%. SHFE Tin slight gains. SHFE Aluminium continues to move low after open with 0.38% drop at closure. Ferrous metals move high. Iron ore surges by 4.78%. Hot-rolled coil rises 2.46%. RB steel rises nearly 2%. Coke rises nearly 1%. Coking coal drops 0.79%.

Copper: Today SHFE copper raises its core with a winning streak. Tonight it is estimated to keep moving at high level. See US factory’s orders monthly growth in October.

Nickel: Today SHFE Nickel gains a capital inflow of 122 million. Tonight SHFE Nickel is estimated to keep volatile and reorganize. See US factory’s orders monthly growth in October and final value of monthly growth of durable goods orders except transportation in October.

Tin: Today some kinds of metals perform excellent. SHFE Tin is just so-so. Failing to break upper pressure of moving averages, tonight it is estimated to test maintenance of upward tendency with resistance of 142,500 yuan per ton and support at 140,000 yuan per ton.

Zinc: Today SHFE Zinc keeps stable with a long upper shadow at closure. With great upward impetus, main part still fails to get rid of 20-day and 40-day moving average. In night it is estimated to stand above all averages.

Lead: SHFE Lead closes with a long upper shadow but still lacks upward impetus. With great pressure of upper 40-day and 60-day moving averages, it may wander around 19,000 yuan per ton. Meanwhile it gets some support at below 20-day moving average. Tonight it is estimated to keep volatile.

Aluminium: Maintain views on SHFE Aluminium of volatile downward tendency.

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