30 NOVEMBER 2015Shanghai Metal Market
LME aluminium to extend upward momentum this week
Edited by : AL CIRCLE
1 min read
LME aluminium will extend upward momentum into next week, SMM expects.
SHFE aluminium will rise further to 10,400-10,800 yuan per tonne on more short-covering triggered by output out news. And this will push LME aluminium up to 1,500-1,550 per tonne. A firm US dollar amid high expectations for US rate hike this year will pressure LME aluminium at highs, though.
A firm US dollar amid high expectations for US rate hike this year and concerns over China economic slowdown all bode ill for LME aluminium.
In China’s spot market, despite rising SHFE aluminium, the fact that forward-month SHFE aluminium contract underperform near-month contracts and growing wait-and-see sentiment among processors will check spot discounts in check around 100 yuan per tonne over SHFE front-month contract.
SHFE aluminium will rise further to 10,400-10,800 yuan per tonne on more short-covering triggered by output out news. And this will push LME aluminium up to 1,500-1,550 per tonne. A firm US dollar amid high expectations for US rate hike this year will pressure LME aluminium at highs, though.
A firm US dollar amid high expectations for US rate hike this year and concerns over China economic slowdown all bode ill for LME aluminium.
In China’s spot market, despite rising SHFE aluminium, the fact that forward-month SHFE aluminium contract underperform near-month contracts and growing wait-and-see sentiment among processors will check spot discounts in check around 100 yuan per tonne over SHFE front-month contract.
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