SHANGHAI, Feb. 3 (SMM) – Trading in China’s base metal market is going to wane as the 2016 Chinese New Year holiday is around the corner, Shanghai Metals Market foresees.
“Market players are largely leaving for the holiday, and market trading will be waning further, with range-bound trading before the holiday in China,” SMM says.
An eye should be also paid to the result of US EIA data, and if it comes to be disappointing, base metal will be negatively affected.
Copper: 35,300-35,650 yuan per tonne
Aluminum: 10,630-10,700 yuan per tonne
Lead: 13,550-13,750 yuan per tonne
Zinc: 13,250-13,450 yuan per tonne
Tin: 98,000-99,000 yuan per tonne
Nickel: 67,500-69,000 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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