Shanghai Base Metals Market to See No Big Gains after US No Rate Change

SHANGHAI, Sept. 18 (SMM) – Base metal prices on the SHFE are not expected to get a strong boost from the US Fed’s latest decision to leave its interest rate unchanged, Shanghai Metals Market foresees.  

“The dollar was down after US Fed’s no hike announcement, but the greenback now is rallying back, so any support on Shanghai prices from the US’s rate decision will be small, ” SMM says. 

The US dollar index tumbled after US’s rate announcement, and the previous metals market surged as a result. 

Copper: 40,700-41,200 yuan per tonne

Aluminum: 11,930-11,200 yuan per tonne

Lead: 13,300-13,380 yuan per tonne

Zinc: 14,300-14,450 yuan per tonne

Tin: 101,000-102,000 yuan per tonne

Nickel: 77,600-79,200 yuan per tonne

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

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