Shanghai Metals Market
LME aluminium to hover at highs this week, SMM expects
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Both LME and SHFE aluminium will consolidate at highs this week, SMM predicts.
LME aluminium will remain firm between $1,650-1,720 per tonne, while SHFE 1610 aluminium will consolidate at 12,300-12,800 yuan per tonne, supported by low aluminium stocks in China.
Aluminium stocks in China, though up, are still at low levels. More aluminium ingots will arrive in east China due to shrinking price spread between Shanghai and Guangdong. This will narrow spot premiums in east China to 50-100 yuan per tonne over SHFE 1609 aluminium.
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