Shanghai Base Metal Prices to Look for Support after Losing Momentum, SMM Says

SHANGHAI, Feb. 24 (SMM) – Base metal prices are expected to look for support after falling back on Wednesday, Shanghai Metals Market foresees. 

"Price lost rising momentum as expected, but any downward room will be small, and some products will continue to outperform others," SMM says. 

Oil price slumped with rising inventories, and this will be a negative factor on today’s price, SMM adds. 

Key Macroeconomic Indicators for Base Metal Prices (2016-2-24) 

Copper: 35,950-36,200 yuan per tonne

Aluminum: 11,100-11,200 yuan per tonne

Lead: 13,480-13,630 yuan per tonne

Zinc: 13,900-14,150 yuan per tonne

Tin: 104,000-106,000 yuan per tonne

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

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

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