Base Metal to Rise on Oil and Dollar Support, SMM Says

SHANGHAI, Jan. 27 (SMM) – Base metal prices on the SHFE market are expected to advance on Jan. 27, Shanghai Metals Market predicts. 

“Oil price surged with calling for production cuts at major producing countries, and moreover, market expectations over the slowing pace of US’s rate hike also support the market,” SMM says. 

LME zinc outperformed others by closing up 4.81%, registering the biggest single day gain in over three months, and LME copper also finished up 2.03% at $4,522 per tonne, the highest closing price in more than two weeks. 

Key Macroeconomic Indicators for Base Metal Prices (2016-1-27)

Copper: 35,250-35,550 yuan per tonne

Aluminum: 10,700-10,820 yuan per tonne

Lead: 13,000-13,150 yuan per tonne

Zinc: 13,000-13,200 yuan per tonne

Tin: 98,500-100,000 yuan per tonne

Nickel: 69,000-70,000 yuan per tonne

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

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