Ferrous and Nonferrous Metals Moved Lower Today, SHFE Nickel Slumpping for 4% (Dec.6)

Published: Dec 6, 2017 17:32

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Today both ferrous and nonferrous metals moved lower. SHFE Nickel slumped for nearly 4%. SHFE Copper closely followed with over 3% drop.

SHANGHAI, Dec.6 (SMM)－Today both ferrous and nonferrous metals moved lower. SHFE Nickel slumped for nearly 4%. SHFE Copper closely followed with over 3% drop. SHFE Zinc dropped nearly 3%. SHFE Aluminium dropped over 2%. SHFE Lead dropped 1.53%. SHFE Tin slightly slipped. For ferrous metals, iron ore slumped over 4%. Hot-rolled coil and RB steel dropped over 3%. Coking coal and coke dropped over 1%.

Copper: SHFE Copper moved stable today with support at 51,000 yuan per ton. With bears dominating the market and weak consumption, SHFE Copper is to keep weak in the short term. See US ADP change of employment in November.

Nickel: SHFE Nickel is estimated to keep volatile tonight. See US ADP change of employment in November and weekly crude oil inventory.

Zinc: SHFE Zinc moved weak today. With bears adding position, it continuously tested downward space. Need to keep alert when SHFE Zinc moves to downward channel. Tonight it is estimated to stop dropping and stabilize.

Tin: Today domestic industrial commodities dropped without exception. Nonferrous metals dropped dramatically. SHFE Tin did bit get rebound until bears reduced positions in the afternoon but it has not stabilized yet. The support below is around 137,000 yuan per ton. With upcoming delivery and demand of leaving capitals, as well as expected reducing positions of bears and bulls, SHFE Tin is expected to gain limited space both upward and downward.

Lead: SHFE Lead fell below 10-day moving average. With some support at 18,500, tonight it is estimated to keep weak and volatile.

Aluminium: Maintain views on downward tendency of SHFE Aluminium in medium term. In the short term see support strength at 14,400 yuan per ton.

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copper aluminium lead zinc tin nickel

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