SHANGHAI, Aug. 20 (SMM) – Shanghai metals market accelerated the rising pace this afternoon, with SHFE 1410 copper and zinc closing up by 0.71% and 1.36%, respectively. Will metal price continue rising or the round of price rallies will be short-lived?
Analysts from major domestic futures companies, interviewed by Shanghai Metals Market, are generally optimistic towards zinc price.
“Supply concerns and stricter environmental protection inspections in China will continue to inject rising momentum into zinc market”, said one analyst from Guosen Futures in the recent SMM’s interview. “The outlook for aluminum will be also good, as market speculation will also focus on its supply problems”, he added.
For copper price, views are mixed.
“Copper price erased earlier losses after base metals market strengthened across the board, but will remain under downward pressures in the medium term due to growing supply of copper concentrate and weak demand”, one analyst from Shanghai CIFCO Futures Co. told SMM.
Another analyst said, however, that copper price will retain its rising stream tomorrow if manufacturing activity results are positive.