Profit Taking May Happen, with Eyes on China GDP Data, SMM Says

Published: Apr 15, 2016 09:30

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China is going to release its GDP data for 1Q, and the result will affect market sentiment on Friday, Shanghai Metals Market foresees.

SHANGHAI, Apr. 15 (SMM) – China is going to release its GDP data for 1Q, and the result will affect market sentiment on Friday, Shanghai Metals Market foresees.

“China’s 1Q growth result will take center stage today, and market caution should be on possible profit-taking by longs,” SMM says.

With the approaching of meeting of oil producing nations in Doha, oil market will be also eyed, SMM adds.

Key Macroeconomic Indicators for Base Metal Prices (2016-4-15)

Copper: 36,850-37,150 yuan per tonne

Aluminum: 11,930-12,070 yuan per tonne

Lead: 13,220-13,420 yuan per tonne

Zinc: 14,750-15,000 yuan per tonne

Tin: 111,500-113,000 yuan per tonne

Nickel: 69,500-72,000 yuan per tonne

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

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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