Shanghai Metals Market
LME aluminum prices should settle at USD 2,000/mt from 28th May to 1st June
Edited by : AL CIRCLE
1 min read
Manufacturing continues to contract in China, Europe and the US, while weak global demand and turmoil in Greece will continue to weigh on financial markets. The US dollar index is expected to stay high near 82 without any significant economic news. A strong US dollar, stagnating domestic demand, and declining exports will cause commodities prices to fall. Long-term production cuts at aluminum smelters will limit price declines for aluminum, though. LME aluminum prices should find support at USD 2,000/mt, and the most active SHFE aluminum contract is expected to test support at RMB 15,900/mt. Both buyers and sellers will largely stay on the sidelines due to tight cash flows at the month’s end. Spot aluminum should trade near current-month SHFE aluminum prices, but trading volumes will not improve significantly.
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