Base Metals to Lack Rising Momentum, Eying on Yellen’s Testimony, SMM Says

Published: Nov 17, 2016 09:20

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Base metal prices on the SHFE are expected to continue trading in a weak tone on Thursday, Shanghai Metals Market predicts.

SHANGHAI, Nov. 17 (SMM) – Base metal prices on the SHFE are expected to continue trading in a weak tone on Thursday, Shanghai Metals Market predicts.

“The fallback of zinc and lead overnight indicates the lack of rising strength in the market, and attention should be paid to testimony by US Federal Reserve’s Chairwoman,” SMM says.

Key Macroeconomic Indicators for Base Metal Prices (2016-11-17)

Copper: 43,700-44,200 yuan per tonne
Aluminum: 13,200-13,500 yuan per tonne
Lead: 17,880-18,080 yuan per tonne
Zinc: 20,870-21,420 yuan per tonne
Tin: 140,000-143,000 yuan per tonne
Nickel: 90,500-93,000 yuan per tonne

Note: Prices all above are for most-actively traded contract on the SHFE.

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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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