Shanghai Base Metal Price to Vacillate, with Eyes on China Data

SHANGHAI, Jul. 15 (SMM) – Base metal price on the SHFE is expected to vacillate on Jul. 15, Shanghai Metals Market predicts.  

No major news came out overnight, and eyes should be on the upcoming China’s Q2 GDP results, SMM says. 

Markets speculated that a nuclear deal would be soon reached between Tehran and six global powers. The oil price rose instead. The dollar moved lower in response to a surprise drop in US June’s retail sales data. China will continue its prudent monetary policy according to its Q2 conference of PBOC’s Monetary Policy Commission. 

Copper: 40,100-40,800 yuan per tonne

Aluminum: 12,380-12,430 yuan per tonne

Lead: 13,140-13,240 yuan per tonne

Zinc: 15,500-15,650 yuan per tonne

Tin: 107,000-110,000 yuan per tonne

Nickel: 84,000-86,000 yuan per tonne

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

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