Caution to Dominate Base Metal Market before UK Referendum, SMM Says

SHANGHAI, Jun. 23 (SMM) – Cautious mood is expected to prevail in base metal market ahead of the upcoming UK’s EU referendum on Thursday, Shanghai Metals Market foresees.  

“The UK’s EU referendum is going to be held soon, so investors will stay cautious before the result, and Shanghai market will likely follow LME to see declines in some products,” SMM says.  

Key Macroeconomic Indicators for Base Metal Prices (2016-6-23)

Copper: 35,950-36,350 yuan per tonne

Aluminum: 12,250-12,400 yuan per tonne

Lead: 12,800-12,950 yuan per tonne

Zinc: 15,700-15,850 yuan per tonne

Tin: 110,000-111,800 yuan per tonne

Nickel: 71,800-73,200 per tonne

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

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