SHANGHAI, Dec 25 (SMM)－Nonferrous metals were weaker in the afternoon trading session which led to a mixed picture. Copper rose 0.7% while aluminium, tin and lead edged up slightly. Nickel dropped 0.59% on the other hand.
The ferrous complex dived in the afternoon with coking coal and coke down over 4%. Rebar and hot-rolled coil were down some 3% while iron ore dropped over 2%.
Copper: Copper surged above 55,000 yuan/mt today but it may be rangebound around this level in the short term. Little news on the macro level is expected tonight.
Aluminium: The price movement of other metals is likely to impact SHFE aluminium when LME is closed. We see aluminium to be rangebound.
Zinc: Zinc price is expected to stay weak tonight, looking for support level.
Nickel: Nickel is also expected to be weak tonight without the support from macroeconomic news.
Tin: Tin is set to remain rangebound as investors rolled their positions over. The 1801 contract has upper pressure at 139,000 yuan/mt and support at 136,500 yuan/mt.
Lead: Lead has moved around the 10-day moving average but failed to hit 19,200 yuan/mt. It is expected to trade in a narrow range tonight and test the support at 19,000 yuan/mt.
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