01 FEBRUARY 2016Shanghai Metal Market
LME aluminium poised for gains this week
Edited by : AL CIRCLE
1 min read
LME aluminium is on track for gains this week, SMM expects. The US dollar softened somewhat on weakening expectations for US rate hike.
Meanwhile, short-term moving averages of LME aluminium are pointing upward. So, LME aluminium should rise to $1,500-1,530/mt. SHFE 1603 aluminium should continue consolidating at 10,700-10,900 yuan per tonne.
Falling aluminium stocks in China and softening consumption as the 2016 Chinese New Year holiday is just around the corner will leave spot aluminium trade at discounts of 0-50 yuan per tonne over SHFE 1602 aluminium.
Meanwhile, short-term moving averages of LME aluminium are pointing upward. So, LME aluminium should rise to $1,500-1,530/mt. SHFE 1603 aluminium should continue consolidating at 10,700-10,900 yuan per tonne.
Falling aluminium stocks in China and softening consumption as the 2016 Chinese New Year holiday is just around the corner will leave spot aluminium trade at discounts of 0-50 yuan per tonne over SHFE 1602 aluminium.
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