SHANGHAI, Dec 14 (SMM)－Nonferrous metals saw mixed trading this afternoon with aluminium and copper registering small increment. The ferrous complex stayed bearish with coke and coking coal slumping some 4%. Rebar slid 1.6% while iron ore and hot-rolled coil softened slightly.
Copper: While closing higher, copper dropped quickly at the start of the trading session with pressure. The market will be looking out for the US manufacturing data and unemployment numbers tonight.
Aluminium: Aluminium price has been narrowly volatile around 5-day moving average. Need to be alert to downward pressure in medium and long term.
Zinc: Zinc price finished lower today as both bulls and bears were waiting for stronger cues. It is expected to trade above 25,000 yuan/mt tonight.
Nickel: The strength of the 5-day moving average support level remains to be seen tonight, whereas US unemployment rate and European central banks’ decision on interest rate would be key.
Tin: Investors have cut down their positions for tin today following softer movement in most commodities futures. Tin price is set to rangebound between 132,000 yuan/mt and 136,500 yuan/mt in the near term.
Lead: Lead price rushed higher at the start before falling back today at above various moving averages. The support level at 19,000 yuan/mt will continue to be tested.
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