SHANGHAI, Mar. 1 (SMM) -- A magnitude-8.8 earthquake erupted in Chile, helping push up base metals prices in the LME market, since market players were concerned that the earthquake in Chile will cause the supply shortages of nonferrous metals. SHFE copper prices hit the daily trading limit soon after opening, and the earthquake in Chile will cause the supply shortages in the short term, but any negative impact on copper supply will be limited in the long term, since major copper mines are located in north Chile. However, it is inevitable copper prices will move higher in the short term, and SHFE aluminum prices will rebound as well. At present, aluminum market demand was weak, and any upward momentum for aluminum prices will be limited, and SMM predicts SHFE three-month aluminum contract prices will surge to the resistance level of RMB 17,000/mt today.
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