LME aluminium to struggle at $1,700-1,750/tonne range; China aluminium to swing widely

<p>LME aluminium prices have been falling since last week Tuesday after trading at US$1,762 per tonne last Monday. The contract struggled within the range of $1,730-1,750 per tonne as the US dollar index rose higher. LME aluminium closed at US$1,732 per tonne on Friday, December 15. <br /><br />In China, aluminium traded on Shanghai Futures Exhange, SHFE 1702 aluminium, also hovered around 13,000 yuan per tonne last week. Shanghai Metals Market analysis states, &ldquo;This week, LME aluminium, to be negatively affected by SHFE aluminium, is expected to $1,700-1,750 per tonne, and price struggles on the SHFE will be intense, with price range between 12,800-13,150 yuan per tonne."<br /><br />LME aluminium will range between US$1,702-1,725 per tonne with negative sentiment on Monday, predicts SMM. <br /><br /><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/LME%20aluminium(3).png" alt="News" width="517" height="226" /><br /><br />The benchmark price of aluminium on Shanghai Metal Exchange was US$1,881 per tonne on Friday. The price has fallen 1.86 per cent since then to stand at US$1,846 per tonne on Monday, December 19. <br /><br />Base metal prices in China major markets are expected to swing widely this week. The western markets are already closed for Christmas and the Chinese market is now dominated by the Central Economic Working Conference which ended last Friday.<br /><br />{googleAdsense}<br /><br />Domestic alumina prices in China stayed at highs last week, very much in contrast with the falling spot aluminium prices. SMM forecasts, alumina prices will stay on an upward track this week too, and spot aluminium should trade at premiums of RMB 40-80/mt on Monday.<br /><br /></p>