Oil Price up, and Shanghai to See Light Trading as Holiday Arrives, SMM Says

SHANGHAI, Apr. 29 (SMM) – Base metal trading on the SHFE is expected to be light on Friday as May Holiday arrives, Shanghai Metals Market foresees. 

“Night trading on the SHFE will be suspended for the upcoming the three-day holiday, and prices of oil and ferrous metals are up, and Shanghai prices will stage diverging trends today,” SMM says. 

Key Macroeconomic Indicators for Base Metal Prices (2016-4-29) 

Copper: 37,100-37,600 yuan per tonne

Aluminum: 12,500-12,700 yuan per tonne

Lead: 13,050-13,200 yuan per tonne

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

Tin: 108,500-110,000 yuan per tonne

Nickel: 71,500-73,500 yuan per tonne

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

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