Caution on Short Bets after Overnight Gains, SMM Says

SHANGHAI, May 17 (SMM) – Investors should stay cautious after overnight rises, Shanghai Metals Market foresees. 

“Base metals overnight rose across the board with rising oil and falling dollar, and profit-taking by shorts in some markets also helped push up price gains, but it may become chance for another round of bets by shorts,” SMM says. 

Key Macroeconomic Indicators for Base Metal Prices (2016-5-17)  

Copper: 35,500-35,900 yuan per tonne

Aluminum: 12,300-12,500 yuan per tonne

Lead: 12,850-13,000 yuan per tonne

Zinc: 15,000-15,250 yuan per tonne

Tin: 106,500-109,000 yuan per tonne

Nickel: 68,000-70,000 yuan per tonne

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

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