China PMI Reading to Set Tone for Base Metals, SMM Says

Published: Sep 30, 2016 09:19

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Base metal prices on the SHFE are expected to be mainly influenced by China’s Caixin manufacturing PMI reading for September on Friday, Shanghai Metals Market foresees.

SHANGHAI, Sep. 30 (SMM) – Base metal prices on the SHFE are expected to be mainly influenced by China’s Caixin manufacturing PMI reading for September on Friday, Shanghai Metals Market foresees.

“Friday is the last trading day on the SHFE before the week-long China’s National Day holiday, and the PMI reading will be a key factor for base metal prices in Asian trading hours,” SMM says.

Key Macroeconomic Indicators for Base Metal Prices (2016-9-30)

Copper: 37,500-37,800 yuan per tonne

Aluminum: 12,200-12,400 yuan per tonne

Lead: 15,200-15,400 yuan per tonne

Zinc: 18,150-18,300 yuan per tonne

Tin: 127,500-130,000 yuan per tonne

Nickel: 80,600-82,200 yuan per tonne

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

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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