SHANGHAI, Sept. 29 (SMM) – Base metal prices on the SHFE are expected to drop across the board on Sept. 29 after Glencore’s shares tumbled, Shanghai Metals Market foresees.
“Recent news from Glencore has triggered market worries over the outlook for the commodity, so bearish sentiment prevails,” SMM says.
Moreover, poor economic data from China leave market concerns unchanged over its slow growth, also weighing down the Shanghai market.
Copper: 37,500-38,000 yuan per tonne
Aluminum: 11,680-11,750 yuan per tonne
Lead: 13,000-13,140 yuan per tonne
Zinc: 13,400-13,600 yuan per tonne
Tin: 96,500-98,000 yuan per tonne
Nickel: 75,500-76,800 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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