LME aluminium to find rising strength
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LME aluminium will rise to USD 1,655-1,675/mt as the OPEC reached an agreement over oil output cuts.
SHFE 1611 aluminium will fluctuate at RMB 12,450-12,600/mt.
In east China’s spot aluminium market, spot premiums of RMB 440-480/mt are expected over SHFE 1610 aluminium contract.
Key macroeconomic indicators for base metal prices
Eurozone September CCI, US Q2 GDP and PCE goods price index and August pending home sales will be released today. Base metals surged overnight as OPEC reached an agreement to freeze output. Base metals may continue to diverge today.
Eurozone September CCI in September is expected to remain flat at August. Sentix’s September investor confidence index for the eurozone. Eurozone September CCI was also better than expected. GfK’s September CCI for Germany unexpectedly improve, while European Central Bank hinted it may leave interest rate low in the following months, boding well for Germany CCI.
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US housing data in August were disappointing. New and existing home sales both decreased, and housing starts and construction permits also weakened. But construction permits for US single family house grew steadily. When combined with stable job market and low mortgage rate, US property market will receive support to stabilize.
The Cleveland Fed Chairman reiterated that he had hoped that the Fed would raise rate in September, adding that any further delay of rate hike may cause recession.
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