Shanghai Base Metal Prices to Seek Direction from Stock Market, SMM Says

SHANGHAI, Aug. 19 (SMM) – Base metal prices on the SHFE are expected to fluctuate at lows on Aug. 19, and look for a direction from China’s stock market, Shanghai Metals Market foresees. 

“The slump in China’s stock market yesterday again put a drag on market sentiment, and today, eyes will be also on changes in stock’s market,” SMM says. 

The US dollar index finished up 0.22%, and LME base metal prices drifted lower yesterday. 

Copper: 38,000-38,700 yuan per tonne

Aluminum: 11,900-12,000 yuan per tonne

Lead: 13,000-13,150 yuan per tonne

Zinc: 14,500-14,700 yuan per tonne

Tin: test support at 106,300 yuan per tonne

Nickel: 80,500-81,700 yuan per tonne

Note: All prices above are forecasts for most actively-traded contracts on each market. 

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