SHANGHAI, Nov. 12 (SMM) – Base metal prices on the SHFE are expected to get some relief from a falling dollar on Nov. 12, Shanghai Metals Market foresees.
“The drop in dollar overnight is expected to lend some support to Shanghai prices during Asian trading hours today, but will likely fall again in night trading as the green back is estimated to rise,” SMM says.
In SHFE zinc and nickel market, positions are on the rise, and most new comers are the shorts, SMM adds.
In the neighboring market, crude oil prices are expected to be weak, and this will also put a drag on base metal prices today.
Copper: 37,100-37,600 yuan per tonne
Aluminum: 10,090-10,190 yuan per tonne
Lead: 12,550-12,700 yuan per tonne
Zinc: 12,950-13,150 yuan per tonne
Tin: 90,000-91,000 yuan per tonne
Nickel: 72,800-74,100 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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