SHFE Base Metals Moved Low, with SHFE Zinc Leading Loss with 1.45% Drop (Dec.5)

SHANGHAI, Dec.5 (SMM)－Today nonferrous metals moved low in the afternoon. SHFE Zinc kept at low level with 1.45% loss at closure. SHFE Copper dived during the session, with 1.33% drop. SHFE Nickel moved downward with 1% drop at closure. SHFE Lead dropped nearly 1%. SHFE Aluminium dropped 0.79%. SHFE Tin dropped 0.68%. Ferrous metals were differentiated with the results. Hot-rolled coil slightly rose. Coking coke leading loss with 3.42% drop. Coke dropped 1.49%. Iron ore and RB steel slightly dropped.

Copper: Today see a unseal drop of nonferrous metals across the board. SHFE Copper was encumbered by bears’ greatly reducing positions and dropped throughout the session with a shade line at closure. In the short term see support at 52,500 yuan per ton. In night see PIM final value of Markit service industry.

Tin: Today domestic commodities dived in the afternoon. Nonferrous metals is dropping without exception. SHFE Tin was closed to 140,000 yuan per ton. It is estimated to keep weak in the short term and test the support strength of this position.

Zinc: SHFE Zinc lacked upward strength, only to guard support of 60-day moving average. Struggle between bears and bulls is intensified while bears are dominant. Driven by weak foreign market, tonight SHFE Zinc is to keep volatile and week. See support of 60-day moving average.

Nickel: Tonight SHFE Nickel is estimated to keep weak and volatile. In night see US trade data in October and ISM non-manufacturing index in November.

Lead: SHFE Lead moved around 40-day moving average. With insufficient upward impetus and support of previous platform at 18,800 yuan per ton, tonight it is expected to recognize around 19,000 yuan per ton.

Aluminium: Maintain views on downward tendency of SHFE Aluminium in medium term. Short-selling at high price is recommended.

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