02 MAY 2016Shanghai Metals Exchange
LME aluminium to find rising strength from SHFE aluminium
Edited by : AL CIRCLE
1 min read
LME aluminium will find rising strength from SHFE aluminium this week, SMM predicted Friday, last week. SMM sees LME aluminium advancing to $1,640-1,700 per tonne.
Aluminium stocks in China’s major markets continue falling, due to limited capacity restarts and new capacity release. Tight supply bode well for SHFE aluminium in the medium term. This week will see SHFE 1607 aluminium face selling pressure at highs but find strong support at 12,500 yuan per tonne.
Spot aluminium is expected to trade at discounts of 0-20 yuan per tonne over SHFE 1605 aluminium.
China April manufacturing PMI and US April non-farm payrolls, due for release this week, are expected to be positive.
Aluminium stocks in China’s major markets continue falling, due to limited capacity restarts and new capacity release. Tight supply bode well for SHFE aluminium in the medium term. This week will see SHFE 1607 aluminium face selling pressure at highs but find strong support at 12,500 yuan per tonne.
Spot aluminium is expected to trade at discounts of 0-20 yuan per tonne over SHFE 1605 aluminium.
China April manufacturing PMI and US April non-farm payrolls, due for release this week, are expected to be positive.
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