SHANGHAI, Sep 10 (SMM) – SHFE nonferrous metals traded mixed on the first trading day of the week. Lead jumped 2.26%, tin gained 0.65%, zinc edged up 0.24% while aluminium dipped 0.14%, nickel lost 0.35% and copper slid 0.46%.

The nonferrous complex also ended with mixed performance. Coking coal soared 3%, rebar rose 1.76%, coke inched up 0.27% while hot-rolled coil edged down 0.29% and iron ore lost 0.7%.

Copper: The SHFE 1811 contract fell to an intraday low of 47,430 yuan/mt and ended at 47,460 yuan/mt after it recovered some losses. Its 10- and 20-day moving averages came close to each other and created significant pressure at 48,000 yuan/mt. The contract now hovers around the five-day moving average. About 147 million yuan flowed out of the SHFE copper contracts today. The SHFE 1811 contract is likely to try to stand firmly above the five-day moving average tonight.

Aluminium: The SHFE 1811 contract traded below the five- and 10-day moving averages, and broke support at the Bollinger lower band to an intraday low of 14,625 yuan/mt. US President Donald Trump's threat of new tariffs on Chinese goods cast a cloud over the market. The contract is expected to trade weakly tonight, and may continue to test resistance at the 10-day moving average above.

Zinc: The SHFE 1811 contact traded rangebound around the daily moving average today and closed at 20,750 yuan/mt. Zinc social inventories across Shanghai, Tianjin and Guangdong grew over the weekend and this is likely to weigh on zinc prices. But support is seen at the 10-day moving average and the contract's  K and J lines expanded upwards. We expect the contract to test previous highs, tonight.

Nickel: The SHFE 1811 contract recovered some early losses and ended at 101,860 yuan/mt. Its KDJ lines converged while the MACD green line shortened. We expect it to hover around 102,000 yuan/mt tonight.

Lead: The SHFE 1810 contract surged to an intraday high of 19,095 yuan/mt and settled at 19,045 yuan/mt. Its five-day moving average expanded upwards. Some 65 million yuan entered in the October and November contracts. With potential upward room, we expect the contract to continue its strong performance tonight and to test pressure at the upper Bollinger band.

Tin: With pressure at 145,100 yuan/mt, the SHFE 1901 contract hovered around 144,800 yuan/mt and settled at 144,990 yuan/mt after it climbed to a high of 145,150 yuan/mt. Its 10- and 20-day moving averages adhered to each other and this created strong pressure. The contract is likely to remain rangebound around the five-day moving average in the near term.