SHANGHAI, Mar 2 (SMM) – Nonferrous metals futures fell across the board on Friday March 2 with SHFE nickel down over 2% and lead fell close to 1%. The ferrous complex also closed lower except for a small rise in hot-rolled coil.
Copper: The SHFE 1804 contract rallied twice during the day and hit a high at 52,700 yuan/mt. With support at 52,000 yuan/mt, SHFE copper is expected to be rangebound at the 52,500 yuan/mt level tonight. Investors would look for cues from the Michigan Consumer Sentiment Index in February tonight.
Aluminium: SHFE aluminium came under pressure and fell to a low of 14,325 yuan/mt during the day. We are rather bullish on the consumption in high season and expect the 1805 contract to rebound to 14,300~14,650 yuan/mt next week.
Zinc: SHFE zinc failed to stand above the 40-day moving average despite a small rebound during the day due to weak LME zinc prices. We expect the contract to edge down tonight and test support at the 60-day moving average under pressure from a stronger US dollar.
Tin: SHFE tin weakened as nonferrous metals overall fell today. We expect it to stay rangebound with support at 145,000 yuan/mt tonight.
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