Metals News
SHFE base metals mixed, nickel up 1.5% (Dec.8)
price review forecast

SHANGHAI, Dec.8 (SMM)-Nonferrous metals saw mixed trading today. SHFE nickel saw volatile trading throughout the day and ended with a 1.47% gain. While copper, aluminium, zinc rose slightly, lead dropped over 1% and tin saw small decline. Ferrous markets were led by heavy loss registered by coking coal, 3.58% drop, and coke, over 2% decline. While iron ore also fell more than 1%, both hot-rolled coil and rebar climbed slightly. 

Copper: Today SHFE Copper slightly rebounded. Boosted by China’s strong import & export data, bulls are becoming more confident. With upper great pressure, in the short term it is estimated to keep volatile at low level.

Zinc: Today SHFE Zinc moved a little bit higher. Today it is expected to consolidate around 24,500 yuan per ton.

Lead: News of production limit policy influences both demand and supply sides. With fierce struggle between bears and bulls. SHFE Lead recorded with a fourth consecutive finishing low. With support of previous platform at 18,200 yuan per ton, tonight it is estimated to consolidate between 10-day and 20-day moving average.

Tin: SHFE Tin moved lower again. Downward risk still exists in the short term, with below support at 137,000 yuan per ton.

Aluminium: Aluminium is the first choice among base metals for bears' capital. It is moving away from all moving averages and is expected to keep weak tendency. Next week main contract of SHFE Aluminium is expected to move between 14,000-14,500 yuan per ton.

Nickel: Tonight, see whether SHFE Nickel can move up to 5-day moving average, See US nonfarm payroll employment change and first value of Michigan Consumer Sentiment Index in December.

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