SHANGHAI, Dec 15 (SMM)－Nonferrous metals mostly traded up today with aluminium, copper and zinc rising some 1%, and nickel and tin registering small increase.
Ferrous metals performed strongly today with coke leading the rise with 2% jump. Coking coal, iron ore and hot-rolled coil also rose some 1%.
Copper: The rally today was led by bears’ reducing positions and it is set to test the upper resistance at the 60-day moving average tonight. The New York Fed Empire State Manufacturing Index will also give more guidance tonight.
Aluminium: Due to previous desirable return rate of bears’ capital and potential upward risk of bears’ closing out, downstream orders may exceed inertial pessimistic market expectation because aluminium dealers need to stockpile at year-end. Hence main contract of SHFE aluminium is expected to trade at 14,200-14,650 yuan/mt.
Tin: While tin price has stopped falling but there is no evidence as of yet to suggest a rally could happen. We see support at 132,000 yuan/mt and upper resistance at 138,000 yuan/mt.
Zinc: Zinc price has stay firm today without any pressure on the technical side. It is estimated to trade rangebound and likely to follow the LME market.
Nickel: Nickel was supported by 5-day and 10-day moving averages and it is likely to move up slightly tonight. The market will also watch out for the US monthly data on industrial output in November.
Lead: Lead price traded around 5-day moving average today. With insufficient upward impetus and some support from moving averages below, the price is estimated to rangebound to certain extent tonight.
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