SHANGHAI, Dec.13 (SMM)－Most of the nonferrous metals traded up today except for tin, which dropped more than 2% at closure. Lead led the rise with over 2% gains while zinc rose more than 1%. Copper rose nearly 1% and nickel also moved up slightly.
Ferrous markets also saw mixed trading with rebar, coke and hot-rolled coil all dropping some 2%. Iron ore and coking coal closed higher.
Copper: Copper prices are likely to go up tonight while the market awaits US CPI data in November and resolution on interest rate.
Aluminium: We maintain our views that aluminium prices would trade range-bound in the near term although downward pressure exists in the medium term.
Nickel: Nickel is expected to seek support at the 10-day moving average. The release of US CPI monthly data in November and EIA weekly crude oil inventory tonight would give more guidance to the market.
Tin: While tin fell below previous supporting level at 137,000 yuan/mt, potential risk of further drop remains. We see current support level at 132,000 yuan/mt.
Lead: Lead registered higher closures for three consecutive days. However it is expected to trade in the range of 19,000-19,300 yuan/mt tonight.
Zinc: Zinc price moved in a stable way today. Bears and bulls seems to get in stalemate. With upper strong resistance at 60-day moving average, the price is estimated to seek opportunity to move up driven by foreign markets tonight.
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