Base Metal Prices to Fall, and Then Stabilize This Week, SMM Says

SHANGHAI, Oct. 19 (SMM) – Base metal prices are expected to fall at first, and then stabilize for a rally this week, Shanghai Metals Market foresees. 

“China is going to release its Q3 GDP results early this week, and weak results will weigh down base metal prices,” SMM says. 

The European Central Bank (ECB)’s October interest rate decision due for release later this week will be also closely watched, and the biggest concern is whether or not the ECB will expand its current easing measures. 

Copper: 39,400-39,900 yuan per tonne

Aluminum: 11,200-11,300 yuan per tonne

Lead: 13,400-13,500 yuan per tonne

Zinc: 14,300-14,450 yuan per tonne

Tin: 98,300-99,100 yuan per tonne

Nickel: 79,500-81,000 yuan per tonne

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

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