SHANGHAI, Dec 19 (SMM)－Nonferrous metals saw mixed trading today with nickel leading the gains at over 2% rise. Zinc, copper and aluminium all moved down slightly.
In the ferrous complex, coking coal surged 5.6% while iron ore and coke registered small gains. Both rebar and hot-rolled coil, however, saw losses of 2% and 2.6% respectively.
Copper: There is still upward room for copper in the near term as it tests the 54,000 yuan/mt level. Data on US new housing starts in November is set to be key tonight.
Nickel: SHFE nickel is estimated to trade in a narrow range tonight. In addition to US new housing starts last month, investors would also look out for data on the country’s building permits in November.
Zinc: Poor trading activity in the physical market will continue to pressure futures prices, which will test the 60-day moving average support tonight.
Tin: Tin price moved around 10-day moving average and it will remain rangebound due to investors cutting positions.
Lead: Lead price still traded above all moving averages after falling from its high today. It is expected to trade in a narrow range at current level tonight.
Aluminium: Bears and bulls seem prudent currently. Maintain views on rangebound tendency of aluminium price in the short term. The capital's struggle for 14,500 yuan/mt needed to be focused on.
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