25 JANUARY 2016Shanghai Metal Market
LME aluminium likely to consolidate this week
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to consolidate this week, SMM expects. Firm US dollar, depressed global stock market and falling commodity prices will keep LME aluminium in check between $1,470-1,500/mt.
SHFE 1603 aluminium should move at 10,700-10,900 yuan per tonne, supported by tight supply in domestic spot market, but capped by selling pressure at highs.
Inflow of deliverable goods will ease tightness in China’s spot market. Downstream stocking before the 2016 Chinese New Year holiday in early February will allow suppliers to hold offers firm. Spot premiums of 50-100 yuan per tonne are expected over SHFE 1602 aluminium.
SHFE 1603 aluminium should move at 10,700-10,900 yuan per tonne, supported by tight supply in domestic spot market, but capped by selling pressure at highs.
Inflow of deliverable goods will ease tightness in China’s spot market. Downstream stocking before the 2016 Chinese New Year holiday in early February will allow suppliers to hold offers firm. Spot premiums of 50-100 yuan per tonne are expected over SHFE 1602 aluminium.
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