Price Struggles Differentiate among Base Metals, SMM Says

SHANGHAI, Aug. 5 (SMM) – Base metal prices on the SHFE are expected to keep trading in wide range, but price struggles vary from one to another, Shanghai Metals Market predicts. 

“The Bank of England announced its first interest rate in seven years, and the easing of monetary policy boosted market sentiment, but a rising dollar, on the other hand, also weigh on the market,” SMM says. 

Market attention is now on results of US’s July non-farm, salary and employment data due on Friday, SMM adds. 

Key Macroeconomic Indicators for Base Metal Prices (2016-8-5) 

Copper: 37,300-37,800 yuan per tonne

Aluminum: 12,000-12,150 yuan per tonne

Lead: 13,700-13,900 yuan per tonne

Zinc: 17,250-17,450 yuan per tonne

Tin: 119,000-121,000 yuan per tonne

Nickel: 82,000-84,000 yuan per tonne

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

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