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Nickel Price in the last month of 2019

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Nickel Price in the last month of 2019
Latest company news about Nickel Price in the last month of 2019

SHANGHAI, Dec 2 (SMM) –

Copper: Prices of copper moved lower last Friday night with pressure from intensified risk aversion caused by US-China trade uncertainties. A higher US dollar on the month and concerns about weakening economic growth in Europe also depressed prices of the metal. Today, technical support may keep the most-traded SHFE contract between 46,950-47,250 yuan/mt, with three-month LME copper at $5,840-5,900/mt. Lower futures prices and restocking demand at the start of a month will likely prop up spot premiums to 80-120 yuan/mt today.

Aluminium: Three-month LME aluminium hovered within a broad range before ending slightly higher on the day at $1,760/mt, as reduced LME aluminium inventories drove investors to cut bearish position. The most-traded SHFE 2001 contract lost part of the daytime gains and closed 0.11% higher on the day at 13,870 yuan/mt. A continued decline in domestic inventories indicated healthy consumption, which supported prices. Trading range is expected at 13,750-13,900 yuan/mt today.

Zinc: Three-month LME zinc remained under pressure from a strong US dollar index, with loaded-up shorts weighing prices below the daily moving average to an intraday low of $2,268/mt, before they closed down 0.02% at $2,276.5/mt. LME zinc is likely to test support from the Bollinger lower band and trade between $2,255-2,320/mt today. The most-traded SHFE 2001 contract also closed lower but the decline was capped by firm downstream demand, as evidenced by tight availability in the spot market and continued drop in refined zinc social inventories. The contract ended 0.69% lower on the day at 17,915 yuan/mt after hit a low of 17,880 yuan/mt. Trading range is seen between 17,800-18,400 yuan/mt today.

Nickel: Eased supply concerns continued to weigh on three-month LME nickel, which lost support from $14,000/mt and finished 2.32% lower at $13,665/mt. Support from $13,600/mt will be monitored today. The most-liquid SHFE contract tracked its LME counterpart lower, falling below 110,000 yuan/mt and ending down 2.27% at 108,080 yuan/mt. It is expected to test support from the Bollinger lower band today.

Lead: Three-month LME lead failed to hold onto early gains as it slipped after hitting a high of $1,970/mt, ending slightly higher on the day at $1,944.5/mt. The-most liquid SHFE contract remained in a downside trend as it gave up increase from the prior session, dipping to a low of 15,270 yuan/mt and closed lower at 15,305 yuan/mt. Further downside risk is seen in lead prices. Today, the SHFE contract may test support from 15,200 yuan/mt.

Tin: Three-month LME tin regained early losses as it recovered from a low of $16,285/mt to close at $16,495/mt, up $85/mt on the day. With support from the 10-day moving average, it is likely to test resistance from $16,500/mt today. The most-traded SHFE 2001 contract climbed after declined as investors covered their shorts. It gained 320 yuan/mt on the day and finished at 138,730 yuan/mt. Support is seen at 138,000 yuan/mt with pressure from 139,500 yuan/mt today.

Pub Time : 2019-12-02 10:27:08 >> News list
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