Will Shanghai Base Metal Prices Continue Rising after Sharp Devaluation of Yuan?

SHANGHAI, Aug. 12 (SMM) – Base metal prices on the SHFE rose Aug. 11 with yuan’s sharp devaluation after PBOC’s decision to improve its central parity system. Will this continue on Aug. 12? 

“Yesterday’s gain on the SHFE is in a sharp contrast to loss on the LME market, and Shanghai base metal prices are tottering now without support,” SMM’s analyst said.  

Copper: 38,300-38,900

Aluminum: 12,040-12,100

Lead: 13,030-13,180

Zinc: 14,400-14,550

Tin: 107,000-108,300

Nickel: 80,300-81,600

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

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