SHANGHAI, Oct. 8 (SMM) – Base metal prices on the SHFE are expected to rise before falling back on the first trading day after the Chinese National Day holiday, Shanghai Metals Market foresees.
“The rise in LME base metal market and overseas equities during the Chinese holiday period will give a boost to price gains on the SHFE after reopening from the holiday, but the fallback on the LME and crude oil market overnight will also make Shanghai price declines possible after a strong start,” SMM says.
Copper: 39,200-39,700 yuan per tonne
Aluminum: 11,630-11,710 yuan per tonne
Lead: 13,350-13,500 yuan per tonne
Zinc: 13,800-14,000 yuan per tonne
Tin: 97,000-99,000 yuan per tonne
Nickel: 78,000-79,000 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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