SHANGHAI, Sept. 17 (SMM) – Base metal prices on the SHFE are expected to rally across the board on Sept. 17 on positive factors, Shanghai Metals Market foresees.
“The poor inflation data in the US is likely to delay its interest rate hike, and crude oil prices advanced with falling inventories, both supporting Shanghai base metal prices,” SMM says.
Moreover, China’s stock market rebounded strongly after sharp losses in the first two trading days of the week, with the benchmark Shanghai Composite Index closing up 4.89%.
In other news, an 8.3-magnitude hit off the coast of Chile on Wednesday, and copper prices will get a boost from the news.
Copper: 40,800-41,700 yuan per tonne
Aluminum: 11,940-12,000 yuan per tonne
Lead: 13,310-13,400 yuan per tonne
Zinc: 14,450-14,600 yuan per tonne
Tin: 102,000-103,000 yuan per tonne
Nickel: 78,000-79,500 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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