27 JULY 2015www.metal.com
LME aluminum to fall further to $ 1,620-1,660, forecasts SMM
Edited by : AL CIRCLE
1 min read
LME aluminium is headed for further decline. It will fall to $ 1,620-1,660 per tonne next week, foresees Shanghai Metals Market.
Given the negative technical indicators and strong bearishness in commodity market there is no possibility that the metal will rebound in the short term. But the downside space will be limited since it is already in oversold territory.
SHFE 1510 aluminum contract should drop to 12,150-12,350 yuan per tonne, due to pessimism over aluminum consumption in China and growing expectations for interest rate in the US.
In China’s spot market, moth-end cash crunch and weak demand in summer will leave spot discounts high at 90-130 yuan per tonne over SHFE 1508 contract.
Given the negative technical indicators and strong bearishness in commodity market there is no possibility that the metal will rebound in the short term. But the downside space will be limited since it is already in oversold territory.
SHFE 1510 aluminum contract should drop to 12,150-12,350 yuan per tonne, due to pessimism over aluminum consumption in China and growing expectations for interest rate in the US.
In China’s spot market, moth-end cash crunch and weak demand in summer will leave spot discounts high at 90-130 yuan per tonne over SHFE 1508 contract.
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