SHANGHAI, Jul. 24 (SMM) – Base metal prices on the SHFE are expected to continue falling on Jul. 24 in response to the tumble in commodity market, Shanghai Metals Market foresees.
The commodity sell-off, which sent crude oil price down to a new 4-month low, reflects a strong market pessimism. The precious metal market also plummeted, while the dollar was favored by investors, weighing down base metal prices.
“SHFE base metal market will remain trapped by weak sentiment today, with eyes on the upcoming China’s HSBC PMI data,” SMM says.
Copper: 37,800-38,800
Aluminum: 12,250-12,300
Lead: 12,530-12,680
Zinc: 15,000-15,100
Tin: 108,400-110,000
Nickel: 82,500-84,500
Note: All prices above are forecasts for most actively-traded contracts on each market.
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