SHANGHAI, Nov 19 (SMM) – SHFE nonferrous metals, except for aluminium, ended lower on Tuesday as optimistic sentiment around US-China trade deal eased. Nickel led the losses and fell 1.7%. Copper shed 0.02%, lead dropped 1.2%, zinc slipped 0.11%, tin fell 0.04%, while aluminium gained 0.29%. 
The ferrous complex, meanwhile, traded higher as iron ore climbed 0.63%, rebar increased 2.31%, hot-rolled coil added 0.92%, stainless steel gained 1.05%, and coke advanced 2.49%.

Copper: The most-active SHFE January 2020 contract hovered rangebound and ended slightly lower on the day as markets awaited firmer signs of an end to the US-China trade conflict. The contract recovered from an intraday low of 46,790 yuan/mt and finished at 46,890 yuan/mt, down 0.02% on the day, paring gains from the previous session. Pressure from several moving averages above will see the contract testing support from 46,800 yuan/mt tonight. 

Aluminium: The most-liquid SHFE 2001 contract relinquished part of the gains from Monday as it came off from an intraday high of 13,770 yuan/mt, ending up 0.29% at 13,730 yuan/mt. Heavy resistance from the 10- and 20- day moving averages will limit any upside room in the contract tonight. The price spread between 1912 and 2001 contract will be monitored.