Waning Spot Trades to Weigh on SHFE Base Metal Prices, SMM Says

SHANGHAI, Feb. 2 (SMM) – Base metal prices on the SHFE market are expected to be weighed down by weak spot trading on Feb. 2, Shanghai Metals Market predicts. 

“With completion of pre-holiday purchases, spot trading will be waning, and this, together with high margins on the SHFE before holiday, will negatively affect SHFE base metal prices,” SMM says. 

In overnight trading, zinc and lead outperformed others by closing with gains. 

Key Macroeconomic Indicators for Base Metal Prices (2016-2-2)

Copper: 35,550-35,800 yuan per tonne

Aluminum: 10,600-10,735 yuan per tonne

Lead: 13,650-13,850 yuan per tonne

Zinc: 13,250-13,450 yuan per tonne

Tin: 98,000-99,500 yuan per tonne

Nickel: 68,000-69,200 yuan per tonne

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

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