SHFE Nickel Keeps Strong, Setting New High since 2015 (2017-11-02)

SHANGHAI, Nov.2 (SMM)－Today see most ferrous metals open high and then keep volatile during entire day. Up to daytime closure, most varieties gained. Thereinto, RB steel rises nealy 1%, iron ore rises over 2%, coke rises nearly 3% and coking coal rises over 5%. Only hot-rolled coil slightly drops. SHFE Base Metals open with a mixed situation and keep volatile during entire day. Differentiation continues. SHFE Nickel keeps strong and rises over 5%, leading base metals and setting new high since May, 2015.

Tin: Despite the fact that SHFE Nickel keeps strong in today’s domestic nonferrous metals market, other metals see slight adjustment. SHFE Tin keeps volatile under pressure, with support below at 142,500 yuan per tonne. In the short term it is estimated to continue to bear pressure.

Zinc: SHFE Zinc moves stable today. Both bulls and bears are satisfied with this position. Zinc price lacks rising support due to weak consumption. In night it may recognize below 26,000 yuan per tonne.

Copper: Copper price may keep volatile within range in the short term. In night need to focus on US first-time claims for jobless number of week Oct.28^th.

Lead: SHFE Lead gains 5-day moving average’s support. It is expected to keep volatile around this average, with apparent resistance above.

Aluminium:  Weak consumption of downstream and uncertain production limit policy of Lvliang City make SHFE Aluminium converted from bullish to bearish. What need to know is currently cost support still exists, so do not keep over bearish at SHFE Aluminium. In night it may test below 60-day moving average and keep volatile around this average.

Nickel: Today SHFE Nickel gains a 514 million capital inflow. In night SHFE Nickel is likely to keep volatile and need to focus on Eurozone PMI final value of manufacturing industry in October and US first-time claims for jobless number of week Oct.28^th.

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