Shanghai Base Metals to Seek Direction from Chinese News, SMM Says

SHANGHAI, Mar. 25 (SMM) – Base metal prices on the SHFE are expected to seek direction from Chinese market as LME market will be closed on Friday, Shanghai Metals Market foresees. 

“LME market will be closed for Good Friday, and Shanghai base metals market will look for direction from Chinese equity and the dollar, and prices will be negatively affected if equities fall,” SMM says. 

Key Macroeconomic Indicators for Base Metal Prices (2016-3-25)

Copper: 37,400-37,800 yuan per tonne

Aluminum: 11,520-11,650 yuan per tonne

Lead: 13,450-13,600 yuan per tonne

Zinc: 14,050-14,250 yuan per tonne

Tin: challenge 112,500 yuan per tonne

Nickel: 67,500-68,800 yuan per tonne

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

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