SHANGHAI, Jul. 9 (SMM) – Shanghai base metal prices tumbled on Wednesday due to the spillover effect from tumbling stock market. Will the loss continue into today’s market?
The Shanghai Composite Index fell 5.9% yesterday, and China’s futures market also plunged across the board.
“Base metal prices on the SHFE are expected to rally Jul. 9 due to short covering,” SMM foresees.
The movement in China’s stock market should be also closely watched, SMM understands, after new measures have been rolled out to tame stock market.
The US’s Federal Reserve meeting minutes turned to be dovish, and the dollar eased slightly after its release. Besides, the progress in Greek debt issues also alleviated market worries to some extent.
Copper: 38,800-40,800 yuan per tonne
Aluminum: 12,240-12,340 yuan per tonne
Lead: 12,600-12,900 yuan per tonne
Zinc: 14,950-15,050 yuan per tonne
Tin: 104,000-108,000 yuan per tonne
Nickel: 81,000-83,000 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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