Shanghai metals price is expected to lurch higher today following the surprisingly high HSBC PMI reading for July, Shanghai Metals Market foresees.
The HSBC flash China manufacturing PMI rose to 52 in July, an 18-month high, well above market expectations. The result helped copper , being refrained from rising, lead the gain among base metals. The bullish sentiment in zinc and aluminum market should remain unchanged.
The followings are SMM price estimations for base metals on July 25. (unit: yuan per tonne)
Copper: 50,500 -51,000
Aluminum: 14,030 -14,130
Nickel: 130,000-132,000 (spot)
Tin: 139,500-140,500 (spot)