SHANGHAI, Jan 9 (SMM)－Nonferrous metals traded higher this afternoon with zinc and nickel rising over 1%. Lead and copper were up close to 1%, while tin and aluminium edged down slightly.
Ferrous metals were firm today with iron ore leading the gain with over 3% rise. Coking coal moved higher by 1.7%, while hot-rolled coil and rebar rose over 1%. Coke also traded up slightly.
Copper: SHFE copper traded higher today and broke the 55,000 yuan/mt level, driven by the ferrous complex. This, however, poses risk for a correction.
Aluminium: SHFE aluminium got pressure at 5-day and 10-day moving average above. As LME aluminium dived, SHFE aluminium is expected to trade under pressure tonight.
Lead: SHFE lead got limited upward momentum and is expected to keep rangebound at high level led by LME lead tonight.
Zinc: SHFE zinc moved higher with more confidence from the bulls. However, fundamentals in China’s domestic market remained bearish. The contract is expected to trade in a narrow range tonight.
Nickel: SHFE nickel saw an inflow of funds of 244 million yuan today and the price remained at high levels. Eurozone’s unemployment rate in November is likely to give guidance to the market tonight.
Tin: SHFE tin rallied today with support at 144,000 yuan/mt and upper pressure at 146,000 yuan/mt. It is expected to see rangebound trading in the short term.
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