SMM Price Outlook for Base Metals on SHFE (May 18, 2017)

Published: May 18, 2017 09:21

Save

Base metals mostly finished higher in overnight trading, but price divergence and big resistance at the upper hand were obvious during the trading.

SHANGHAI, May 18 (SMM) – Base metals mostly finished higher in overnight trading, but price divergence and big resistance at the upper hand were obvious during the trading. If the dollar keeps weakening, base metals are expected to get a boost.

Product	Price Range
Copper	45,200-45,600
Aluminum	13,980-14,120
Lead	15,650-15,850
Zinc	21,400-21,700
Tin	142,500-144,000
Nickel	74,000-75,500

Unit: yuan/tonne

Source: SMM

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 for 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

17 mins ago

Inventory declines again, spot premiums remain firm, but overall trading is weaker than yesterday [SMM South China spot copper]

17 mins ago

23 mins ago

Copper prices and price spread between futures contracts both strengthen, spot discounts in North China widen [SMM North China spot copper]

Spot copper cathode (#1) in North China was quoted at a discount of 90 yuan/mt to parity against the front-month contract today, with an average discount of 45 yuan/mt, down 25 yuan/mt from the previous trading day. The average transaction price was 111,375 yuan/mt, up 305 yuan/mt from the previous trading day.

23 mins ago

38 mins ago

High copper prices curb end-use consumption; short-term spot copper demand remains weak

[SMM Shanghai Spot Copper] According to SMM, with copper prices recently rising to high levels, some end-users, concerned that prices may continue to climb, made small restocking purchases when futures pulled back, but overall procurement remained primarily just-in-time, with a strong wait-and-see sentiment in the market. By industry, orders at wire and cable enterprises were relatively weak; aside from previously awarded projects that still need to be delivered in stages, some enterprises showed reduced willingness to take on new orders. Orders at copper foil enterprises were relatively stable, with limited impact from rising copper prices. Overall, the dampening effect of high copper prices on end-use consumption is gradually emerging, and spot demand is expected to remain weak in the short term.

38 mins ago