Shanghai Base Metal Prices to Rise after Week-long Holiday, SMM Says

SHANGHAI, Oct. 8 (SMM) – Base metal prices on the SHFE are expected to rise before falling back on the first trading day after the Chinese National Day holiday, Shanghai Metals Market foresees. 

“The rise in LME base metal market and overseas equities during the Chinese holiday period will give a boost to price gains on the SHFE after reopening from the holiday, but the fallback on the LME and crude oil market overnight will also make Shanghai price declines possible after a strong start,” SMM says. 

Copper: 39,200-39,700 yuan per tonne

Aluminum: 11,630-11,710 yuan per tonne

Lead: 13,350-13,500 yuan per tonne

Zinc: 13,800-14,000 yuan per tonne

Tin: 97,000-99,000 yuan per tonne

Nickel: 78,000-79,000 yuan per tonne

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

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