Bearish Sentiment Prevails in Base Metal Market on China Stock Slump and Greek Concerns

Published: Jul 08, 2015 10:30 (GMT+8)

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Base metal market is now predominated by strong bearish sentiment, with more losses expected on the SHFE, Shanghai Metals Market foresees.

SHANGHAI, Jul. 8 (SMM) – Base metal market is now predominated by strong bearish sentiment, with more losses expected on the SHFE, Shanghai Metals Market foresees.

China again comes under the global spotlight, but not in a good way this time.

The tumble in China’s stock market has triggered worries over economic growth in world’s second largest economy. The panic was also spread to the commodity market, with iron ore price on the Dalian Commodity Exchange closing down at daily limit in night’s trading.

Greece’s debt issues pose another headache to world’s financial market.

Another risk factor today is the upcoming release of US’s Federal Reserve meeting minutes. If it turns out hawkish, base metal prices will go further in its downward track, SMM says.

Copper: 37,900-39,800 yuan per tonne. Price may fall to daily limit.

Aluminum: 12,100-12,300 yuan per tonne

Zinc: 14,850-15,000 yuan per tonne

Lead: 12,300-12,500 yuan per tonne

Tin: around 103,000 yuan per tonne

Nickel: Price may close at daily downward limit today. In China’s spot nickel market, price is expected at 77,500-79,900 yuan per tonne.

Note: All prices above are forecasts for most actively-traded contracts on each market.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

base metal price forecast

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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