Base Metals to Remain Weak, SMM Says

SHANGHAI, May 23 (SMM) – A series of major events are under the spotlight, including the G7 meeting, and base metal prices are expected to remain weak this week, Shanghai Metals Market foresees. 

“Sentiment in base metals market is still weak, but price rally will be also possible,” SMM says. 

Attention should be paid to Chinese yuan’s movement, which will likely add price volatility in base metals market. 

Key Macroeconomic Indicators for Base Metal Prices (2016-5-23)

Copper: 34,900-35,300 yuan per tonne

Aluminum: 12,350-12,550 yuan per tonne

Lead: 12,600-12,750 yuan per tonne

Zinc: 14,900-15,150 yuan per tonne

Tin: 106,000-108,000 yuan per tonne

Nickel: 67,000-68,500 yuan per tonne

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

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