SHANGHAI, Aug. 27 (SMM) – Base metal prices on the SHFE are expected to come under downward pressures from a rising dollar on Aug. 27, Shanghai Metals Market foresees.
“Market response to PBOC’s cut on interest rate and reserve ratio is as small as expected, and a gain of 1.42% in the dollar index will further pressure Shanghai base metals market today,” SMM says.
In other news, China's central bank said yesterday to pump 140 bln yuan into the financial system through a short-term liquidity adjustment option, with a 2.3% interest rate.
Copper: 38,100-38,700 yuan per tonne
Aluminum: 11,800-11,870 yuan per tonne
Lead: 13,100-13,250 yuan per tonne
Zinc: 14,350-14,500 yuan per tonne
Tin: 98,000-100,000 yuan per tonne
Nickel: 74,000-75,500 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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