SHANGHAI, Nov. 11 (SMM) – Base metal prices on the SHFE will not stop falling on Nov. 11, Shanghai Metals Market foresees.
“The growth of positions on the SHFE copper, zinc and nickel on Tuesday’s night trading is mainly by shorts, and moreover, results of China’s data due for release today, including fixed-assets investment and property data, are expected to be poor,” SMM points out.
The US dollar, however, is estimated to hover at highs for the foreseeable future, and will need new stimulus to climb above the high of 100.42 hit in March, SMM adds.
Copper: 37,200-37,700 yuan per tonne
Aluminum: 10,100-10,200 yuan per tonne
Lead: 12,600-12,750 yuan per tonne
Zinc: 12,950-13,150 yuan per tonne
Tin: 90,000-91,000 yuan per tonne
nickel: 72,800-74,200 yuan per tonne
Note: All prices above are forecasts for most actively-traded contracts on each market.
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