SHANGHAI, Dec 27 (SMM) – Nonferrous metals on the SHFE saw mixed trading today with aluminium and tin up some 1% while nickel and zinc edged down slightly.
The ferrous market traded lower with coke and coking coal down some 2%.
Copper: The bulls in the market have been reducing their positions today which led to a less active trading day. Copper price is expected to keep rangebound tonight.
Aluminium: LME aluminium surged yesterday. SHFE aluminium is expected to be driven by LME, which is likely to stand above 14,800 yuan/mt tonight.
Nickel: The US consumer confidence index in December and the country’s pending home sales index in November are likely to set the tone tonight. SHFE nickel also looks to test support at the 40-day moving average.
Zinc: The SHFE zinc contract saw investors rolling over their positions as well as fund outflow today. We expect the price to move in a narrow range at current position tonight.
Tin: Tin saw rangebound trading today with upper pressure at 144,000 yuan/mt and support at 140,000 yuan/mt.
Lead: Lead recorded a low at below the 20-day moving average today while its resistance remained at 5-day, 10-day and 60-day moving averages. It is expected to rangebound at 19,000 yuan/mt tonight.
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