SHANGHAI, Dec 26 (SMM)－Nonferrous metals rallied in the afternoon with tin surging over 2% and copper rising slightly. Aluminium saw losses narrowed and closed at 1% lower. Nickel, lead and zinc all closed slightly lower.
Ferrous metals were still weak with iron ore leading the loss with 3% drop. Coke and coking coal were down nearly 3%, while rebar and hot-rolled coil slipped close to 1%.
Copper: Expectation of limited scrap copper supply following the release of the first batch of scrap import permits in 2018 sent SHFE copper above 55,000 yuan/mt today. We expect the price to go up further towards the level of 56,000 yuan/mt.
Aluminium: Aluminium is set to stay in the range of 14,450-14,850 yuan/mt tonight.
Zinc: Position reduction with fund outflow continued to dominate the SHFE zinc contract today. It is expected to trade rangebound around the 25,400 yuan/mt level tonight.
Lead: Lead price is expected to test the support at the 20-day moving average tonight.
Nickel: There is little news at the macro level tonight but investors would be watching any potential upward movement for nickel.
Tin: Tin price outshined other base metals today and it is likely to keep moving up in the near term. Fundamentals have improved as inventory dropped following production cuts at smelters.
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