Base Metals to Get Support from Weak Dollar, SMM Says

Published: Feb 9, 2017 09:13

Save

Base metal prices on the SHFE are expected to find solid support at the lower moving averages, Shanghai Metals Market predicts.

SHANGHAI, Feb. 9 (SMM) – Base metal prices on the SHFE are expected to find solid support at the lower moving averages, Shanghai Metals Market predicts.

“Price support at the lower end for most base metals is solid, and meanwhile, the US dollar is expected to come under pressures as Trump will likely reiterate his opposition to a strong dollar during the upcoming meet with Japan PM Abe,” SMM says.

Copper: 47,500-48,000 yuan per tonne
Aluminum: 13,780-14,000 yuan per tonne
Lead: 19,100-19,800 yuan per tonne
Zinc: 22,950-23,300 yuan per tonne
Tin: 143,000-146,000 yuan per tonne
Nickel: 86,400-87,600 yuan per tonne

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

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

base metals base metal prices base metal price forecast

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

Jintian Co., Ltd.: Annual Capacity of Rare Earth Permanent Magnets Has Reached 9,000 mt; High-Precision Free-Cutting Copper Billet Has Been Used in Airborne Structures of Low-Altitude Aircraft

12 hours ago

Sharp Decline in Copper Prices Prompted Some Downstream Enterprises to Operate at Full Capacity, and Spot Copper Turned to Premiums Across the Board [SMM South China Copper Cathode Spot Weekly Review]

12 hours ago

14 hours ago

The Operating Rate of China's Scrap-derived Copper Anode Producers Declined

[SMM Copper Anode market] Due to the narrowing price difference between copper cathode and scrap, the operating rate of China's scrap-derived copper anode producers declined, with production mainly carried out to fulfill long-term contracts. From March 13 to 19, the operating rate of SMM scrap-derived copper anode plate enterprises was 58.31%, down 0.5 percentage points WoW. As copper prices fell sharply, the operating rate is expected to decline to 54.65% next week.

14 hours ago