Shanghai Base Metal Poised to Rise This Week, SMM Says

SHANGHAI, Mar. 7 (SMM) – Base metal prices on the SHFE are poised to rise this week, Shanghai Metals Market foresees. 

“China sets its 2016 growth target at 6.5-7% during the ongoing CPC&NPPCC meetings, and market expectations over policy support are expected to boost market sentiment,” SMM points out.  

This week will also see result of ECB’s rate meeting, and if its policy eases further, market bullish sentiment will be assured. 

Key Macroeconomic Indicators for Base Metal Prices (2016-3-7)

Copper: 38,400-38,700 yuan per tonne

Aluminum: 11,470-11,650 yuan per tonne

Lead: 13,800-14,000 yuan per tonne

Zinc: 14,350-14,800 yuan per tonne

Tin: 113,000-115,000 yuan per tonne

Nickel: 71,000-75,000 yuan per tonne

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

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