Weak Dollar Supports Base Metals, SMM Says

SHANGHAI, Jan. 24 (SMM) – Base metal prices on the SHFE are expected to get support from weak dollar on Tuesday, Shanghai Metals Market predicts. 

“The dollar remains under downward pressures, and Shanghai prices are expected to hover at highs, and trading sentiment in China’s domestic market will be light as market players leave for the upcoming 2017 Chinese New Year holiday,” SMM says. 

Key Macroeconomic Indicators for Base Metal Prices (2017-1-24)

Copper: 46,250-46,925 yuan per tonne
Aluminum: 13,590-13,800 yuan per tonne
Lead: 18,300-18,800 yuan per tonne
Zinc: 22,700-23,000 yuan per tonne
Tin: 143,500-146,000 yuan per tonne
Nickel: 81,500-83,500 yuan per tonne

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

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