SHANGHAI, Dec 12 (SMM)－Nonferrous metals trading on the SHFE was supported by bullish news today and the upward momentum in the morning continued in the afternoon. Lead led the gains with a 3.7% surge while nickel rose over 1%. Zinc and copper also registered close to 1% increase. Tin and aluminium, however, saw slight drops.
In the ferrous complex, trading was mixed on Tuesday with coke and coking coal up slightly. Iron ore and rebar dropped close to 1% while hot rolled coil moved down slightly.
Copper: Copper prices are likely to be range-bound in the near term. Market participants will look for US PPI monthly data in November for direction tonight.
Aluminium: The bears and bulls look set to hold on to their positions with current aluminium prices. Taking a wait-and-see approach is recommended.
Nickel: The US PPI monthly data in November again is set to guide the nickel movement tonight.
Zinc: Both the bears and bulls have been reducing their positions today and zinc is likely to trade below 25,000 yuan/mt tonight with limited upward momentum. Without the direction of fundamentals, funds seemed to be trading in a prudent way.
Tin: Tin saw a weak performance today and the support level of 13,700 yuan/mt is likely to be tested in the near term.
Lead: Lead has finally reached the 19,000 yuan/mt level today with bullish sentiment dominating the market due to news of smelters' limited production. However, pressure remains at the 60-day moving average.
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