Shorts Gain Upper Hand in Base Metals, SMM Says

SHANGHAI, May 24 (SMM) – Base metal market is expected to be surrounded by bearish sentiment on Tuesday, Shanghai Metals Market foresees. 

“Longs failed to get more ground in overnight trading, and now, shorts are in a strong position, and struggles between the two are expected to be continuing today, with overall trading remaining bearish,” SMM says.  

Copper: 34,950-35,350 yuan per tonne

Aluminum: 12,250-12,350 yuan per tonne

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

Zinc: 14,550-14,850 yuan per tonne

Tin: 104,000-106,500 yuan per tonne

Nickel: 66,000-67,800 yuan per tonne

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

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