SHANGHAI, Feb. 29 (SMM) – Base metal prices are expected to hover at highs this week, Shanghai Metals Market foresees.
“Chinese factors will continue to support base metal prices this week, and so prices in Chinese market will outperform prices on the LME,” SMM says.
Last week, downstream buying in China’s domestic market was not strong, though most downstream producers returned from the Chinese New Year holiday. Price fluctuations after big gains will be also bigger if market expectations over peak-demand period fail to materialize, SMM adds.
Key Macroeconomic Indicators for Base Metal Prices (2016-2-29)
Copper: 35,850-36,300 yuan per tonne
Aluminum: 11,250-11,450 yuan per tonne
Lead: 13,600-13,800 yuan per tonne
Zinc: 14,000-14,250 yuan per tonne
Tin: 102,500-104,700 yuan per tonne
Nickel: 67,000-68,500 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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