SHANGHAI, Jan 19 (SMM)－
Nonferrous metals rallied today, with lead rising 2%. Aluminium and tin edged up about 1% and copper gained slightly. Nickel saw a slight dip today.
The ferrous complex also did well today. Rebar led the gain with a 2% rise. Hot-rolled coil climbed nearly 2%, iron ore rose 1.59% and coke gained 1%. Coking coal edged up 0.63%.
Copper: SHFE copper traded between the 40-day and 60-day moving averages and is expected to remain rangebound in the short term. The US Michigan Consumer Sentiment Index is likely to give guidance to the market tonight.
Lead: SHFE lead traded above all moving averages. With LME setting new high, the price is expected to keep strong rangebound and touch previous high level at 19,685 yuan/mt.
Aluminium: Driven by strong LME tendency, SHFE aluminium is expected to rangebound at 14,550-15,000 yuan/mt next week, which performs inferior to LME.
Nickel: SHFE nickel is expected to keep rangebound tonight. The US Michigan Consumer Sentiment Index data in January is likely to give guidance to the market tonight.
Zinc: SHFE zinc traded around 26,000 yuan/mt today. With support below the 20-day moving average and a bullish yuan, prices are expected to keep a strong rangebound tonight.
Tin: Tin notched a strong performance today. We see it testing pressure at 147,000 yuan/mt tonight.
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