Shanghai Base Metal Prices to Advance, with Weak Tin and Nickel, SMM Says

SHANGHAI, Aug. 20 (SMM) – Base metal prices on the SHFE bare expected to gain further strength from a falling dollar on Aug. 21, Shanghai Metals Market foresees.

 “Shanghai base metal prices are expected to advance today due to a falling dollar, but tin and nickel prices will show weak performance,” SMM says. 

 The mixed economic data from the US further weighed down the dollar index, supporting base metal market.

 In other news, risk aversion sentiment grew with uncertainty over the Korean Peninsula after DPRK's Kim orders frontline army to enter state of war. 

 Copper: 38,800-39,400 yuan per tonne

Aluminum: 12,050-12,110 yuan per tonne

Lead: 13,300-13,500 yuan per tonne

Zinc: 14,800-14,900 yuan per tonne

Tin: test support at 106,300 yuan per tonne

Nickel: 81,000-81,800 yuan per tonne

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

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