[Base Metal] Base Metal Prices to Stay Weak on Tumble in Commodity Market

Published: Jul 24, 2015 09:30

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Base metal prices on the SHFE are expected to continue falling on Jul. 24 in response to the tumble in commodity market, Shanghai Metals Market foresees.

SHANGHAI, Jul. 24 (SMM) – Base metal prices on the SHFE are expected to continue falling on Jul. 24 in response to the tumble in commodity market, Shanghai Metals Market foresees.

The commodity sell-off, which sent crude oil price down to a new 4-month low, reflects a strong market pessimism. The precious metal market also plummeted, while the dollar was favored by investors, weighing down base metal prices.

“SHFE base metal market will remain trapped by weak sentiment today, with eyes on the upcoming China’s HSBC PMI data,” SMM says.

Copper: 37,800-38,800

Aluminum: 12,250-12,300

Lead: 12,530-12,680

Zinc: 15,000-15,100

Tin: 108,400-110,000

Nickel: 82,500-84,500

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

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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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