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Bigger Losses May Happen in Base Metal Market, SMM Interviews
Aug 6, 2014 10:35
CSTSource:SMM
“If prices fall below those key support levels (copper 7,030-7050; aluminum 1,980-1990; zinc 2,340-2350; lead 2,230-2240), cash will fly away from the market, and this will trigger bigger losses”.
SHANGHAI, Aug. 6 (SMM) – The geopolitical risks are escalating now, sending the US dollar index up to a 10-month high. Concerns over global credit risks also combine to shadow the market. As a result, the global commodity market fell across the board. Base metal prices, however, succeeded to find support at key levels.
“If prices fall below those key support levels (copper 7,030-7050; aluminum 1,980-1990; zinc 2,340-2350; lead 2,230-2240), cash will fly away from the market, and this will trigger bigger losses”, one analyst from Guosen Futures said in an interview with Shanghai Metals Market.
He added that prices will fall back from initial highs as the second half of 2014 goes on.
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