SHANGHAI, Feb. 4 (SMM) – Trading volumes in Chinese market is expected to drop further on Feb. 4, Shanghai Metals Market foresees. 

“Positions for "non-commercial" are expected to be closed ahead of the upcoming holiday in China, and trading volumes will also drop further today, with prices firm,” SMM says. 

Some longs will likely enter the market due to bets on traditional peak demand season in April and May, SMM notes.  

The US dollar index is expected to rally after sharp declines, SMM adds.  

Key Macroeconomic Indicators for Base Metal Prices (2016-2-4)

Copper: 35,800-36,100 yuan per tonne

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

Lead: 13,680-13,880 yuan per tonne

Zinc: 13,500-13,700 yuan per tonne

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

Nickel: 68,500-70,000 yuan per tonne

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

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