18 APRIL 2016Shanghai Metals Market
LME aluminium to take hit from falling crude oil
Edited by : AL CIRCLE
1 min read
Base metals are expected to fall today, dragged down by crude oil prices.
No agreement was reached at the Doha meeting on crude oil freeze plan. The next meeting on oil issue will be held in June. Crude oil prices plunged 6 per cent after opening during Asian trading hours, and are expected to fall initially before rising this week, weigh down base metals.
This will weigh ME aluminium down to USD 1,530-1,550/mt on Monday.
SHFE 1606 aluminium is expected to drop to RMB 11,840-11,950/mt.
In China’s spot aluminium market, spot discounts of RMB 0-30/mt and spot premiums of RMB 0-10/mt are expected over SHFE 1605 aluminium contract.
No agreement was reached at the Doha meeting on crude oil freeze plan. The next meeting on oil issue will be held in June. Crude oil prices plunged 6 per cent after opening during Asian trading hours, and are expected to fall initially before rising this week, weigh down base metals.
This will weigh ME aluminium down to USD 1,530-1,550/mt on Monday.
SHFE 1606 aluminium is expected to drop to RMB 11,840-11,950/mt.
In China’s spot aluminium market, spot discounts of RMB 0-30/mt and spot premiums of RMB 0-10/mt are expected over SHFE 1605 aluminium contract.
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