SHANGHAI, Feb 12 (SMM) – Only SHFE aluminium resisted a drop among nonferrous metals today with a rise of close to 1%. SHFE tin lost 1.5% while zinc was down over 1%.
In the ferrous complex, coking coal and rebar edged up when iron ore was down around 1% and coke was down 0.73%. Hot-rolled coil also slipped.
Copper: The SHFE 1804 copper contract traded below all moving averages as the market looked out for details of the US infrastructure investment plans.
Aluminium: SHFE aluminium touched a high at 14,565 yuan/mt but met resistance at the 10-day moving average. We expect aluminium prices to keep testing upwards in the short term as our survey suggested promising downstream sales orders after Chinese New Year.
Nickel: The 40-day moving average would be the target for SHFE nickel tonight following an inflow of 126 million yuan.
Zinc: We expect SHFE zinc to stay weak tonight in rangebound trading following an outflow of funds ahead of Chinese New Year.
Tin: We see further downward room for SHFE tin in the short term with funds exiting the market with caution.
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