Rising Oil Price to Boost Base Metals, SMM Says

SHANGHAI, May 12 (SMM) – Base metal prices on the SHFE are expected to improve from a day earlier on Thursday, Shanghai Metals Market foresees. 

“Market sentiment is expected to get some boost from rising oil prices and a weak dollar, but price resistance at highs is still there,” SMM says.  

Key Macroeconomic Indicators for Base Metal Prices (2016-5-12) 

Copper: 35,800-36,200 yuan per tonne

Aluminum: 12,000-12,200 yuan per tonne

Lead: 13,100-13,250 yuan per tonne

Zinc: 14,950-15,200 yuan per tonne

Tin: 110,300-110,900 yuan per tonne

Nickel: 69,000-70,500 yuan per tonne

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

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