Which Direction Will Metals Market Trade After Wednesday’s Tumbles?

Published: Jan 15, 2015 10:00

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Copper tumbled to a 5-1/2 year low on Wednesday after a wave of stop-loss selling, and the panic also spilled into other metals. Which direction will base metals market will trade on Thursday?

SHANGHAI, Jan. 15 (SMM) – Copper tumbled to a 5-1/2 year low on Wednesday after a wave of stop-loss selling, and the panic also spilled into other metals.

Which direction will base metals market will trade after yesterday’s sharp losses?

Bearish sentiment will remain in the market, but the fall in metals market is expected to ease on Thursday due to technical upward correction, Shanghai Metals Market foresees.

Copper

LME copper will test support at $5,500 per tonne, and to move between $5,450-5,550 per tonne. SHFE 1503 copper will range between 39,800-40,800 yuan per tonne.

Aluminum

LME aluminum will trade at $1,780-1,800 per tonne. The most active SHFE aluminum contract should move between 12,650-12,750 yuan per tonne.

Zinc

LME zinc prices are expected to move between $2,025-2,055 per tonne. SHFE 1503 zinc contract prices will move between 15,650-15,850 yuan per tonne

Lead

LME lead will trade at $1,730-1,780 per tonne, and SHFE 1503 lead will fluctuate between 11,870-12,100 yuan per tonne.

Nickel

Nickel prices in China’s spot market will range between 105,400-107,400 yuan per tonne.

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base metal price forecast copper price aluminum prices zinc price lead price nickel price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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