Base Metal to See Pressure after Oil Price Rally, SMM Says

Published: Apr 19, 2016 09:23

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Base metal prices on the SHFE are expected to be refrained on Tuesday, Shanghai Metals Market foresees.

SHANGHAI, Apr. 19 (SMM) – Base metal prices on the SHFE are expected to be refrained on Tuesday, Shanghai Metals Market foresees.

“Oil price rallied after tumbling, but base metal market will meet resistance to climb higher,” SMM says.

Key Macroeconomic Indicators for Base Metal Prices (2016-4-19)

Copper: 36,700-37,100 yuan per tonne

Aluminum: 11,950-12,050 yuan per tonne

Lead: 13,250-13,420 yuan per tonne

Zinc: 14,950-15,250 yuan per tonne

Tin: 110,000-112,000 yuan per tonne

Nickel: 70,500-72,500 yuan per tonne

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

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