SHANGHAI, Dec 21 (SMM)－Nonferrous metals stayed rangebound today with lead edging down and others registering small gains.
The ferrous complex was mixed with coke down 1.3%. Rebar rose 1.4%, hot-rolled coil and iron ore rose some 1%, and coking coal edged up slightly.
Copper: Copper was stable today with upward room in the near term. US real GDP for the third quarter and weekly jobless claims are set to give guidance to the market tonight.
Aluminium: The rebound of SHFE aluminium is unsustainable as there is room for alumina prices to drop.
Zinc: Zinc rallied after a weak start today but both sides of the market seemed restrained due to tighter cash toward the end of the month. The night session would see prices trade in a narrow range at around 25,430 yuan/mt.
Lead: Lead was under pressure and traded below moving averages today. Howeve, with the support from 10-day moving average, it is expected to trade at a narrow range just above 19,000 yuan/mt tonight.
Nickel: Nickel price lacks upward momentum tonight. US real GDP for the third quarter and weekly jobless claims are also likely to set the tone.
Tin: The open interest of SHFE 1801 contract has been reduced significantly with the upcoming changing of contract month. We expect the market to stay rangebound in the near term.
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