SHFE Reopens after Holiday, with Prices to Look for Direction, SMM Says

SHANGHAI, Feb. 3 (SMM) – Base metal prices on the SHFE are expected to look for price direction after returning from the week-long holiday, Shanghai Metals Market predicts. 

“Base metals on the LME rose at first and then fell back during the 2017 Chinese New Year holiday, with LME nickel outperforming others, and Shanghai prices are expected to diverge and look for price direction on the first trading day after the holiday,” SMM says. 

Copper: 47,200-48,130 yuan per tonne
Aluminum: 13,700-13,900 yuan per tonne
Lead: 18,750-19,000 yuan per tonne
Zinc: 23,500-23,800 yuan per tonne
Nickel: 87,000-88,500 yuan per tonne

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

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