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SHFE Base Metals Moved Lower, Coke Fell to Lower Limit (Dec.7)

Price Review & Forecast 06:28PM Dec 07, 2017 Source:SMM

SHANGHAI, Dec.7 (SMM)-Today bulk commodities moved lower across the board. Nonferrous metals went down. SHFE Aluminium dropped nearly 2%. SHFE Nickel dropped over 1%. SHFE Zinc dropped 0.81% and SHFE Copper dropped 0.7%. SHFE Tin slightly rebounded and slightly dropped after diving tendency during the session. SHFE Lead slightly rebounded and remained same level as market opening. Ferrous metals are grim today. Coke slumped by 8% and fell to lower limit in the afternoon. Iron ore and coking coal dived at the closure with over 7% of drop. Hot-rolled coil and rebar steel slightly rebounded after dive, dropping over 3% at closure.

Copper: Today SHFE Copper rushed high and then retraced. With price moving lower, in the short term see support strength at 51,000 yuan per ton. Tonight see US weekly first-time claims for jobless number.

Aluminium: Maintain views on downward tendency of SHFE Aluminium.

Nickel: Tonight see if SHFE Nickel is able to guard round number of 86,000 yuan. See GDP of Eurozone in Q3 and US weekly first-time claims for jobless number.

Tin: Today domestic commodities dived crazily in the afternoon. SHFE Tin fell below 140,000 yuan per ton. With the upcoming delivery of contract 1801 and rising demand of reducing positions, the tin price moves under pressure with support below at 137,000 yuan per ton.

Zinc: Tonight see support strength at 24,500 yuan per ton.

Lead: SHFE Lead moved around 5-day and 20-day moving averages today. With upper pressure of 40-day moving average and support of below 10-day moving average, tonight it is estimated to keep volatile within range.


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Key Words:  copper   aluminium   lead   zinc   tin   nickel