[Base Metal] Strong Caution Dominates Base Metal Market, with Eyes on US Job Data

SHANGHAI, Aug. 7 (SMM) – Base metal prices on the SHFE are expected to fluctuate cautiously on Aug. 7, Shanghai Metals Market foresees.  

“The lower-than-expected ADP data has added uncertainties to the result of upcoming US non-farm payroll data, so a strong cautious sentiment will keep prices in check,” SMM says. 

“But, profit-taking by some shorts may give some support to price,” SMM adds. 

Copper: 37,800-38,200

Aluminum: 11,900-12,000

Lead: 12,800-12,880

Zinc: 14,400-14,550

Tin: 106,500-108,000

Nickel: 80,000-81,500

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

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