27 OCTOBER 2015Shanghai Metal Market
SHFE aluminum to lead declines in Shanghai market, SMM Says
Edited by : AL CIRCLE
1 min read
Base metal prices on the SHFE are expected to continue their declines on October 27, with SHFE aluminum to lead price losses, Shanghai Metals Market foresees.
“A considerable increase in short positions on the SHFE aluminum has sent its price to new record lows, and this will also weigh down other base metals on the SHFE,” SMM says.
The US durable orders for September are due for release, and are not expected to improve significantly because of August’s poor PMIs.
Aluminum price for the most actively-traded contracts will stand at 10,350-10,450 yuan per tonne, according to SMM forecast.
“A considerable increase in short positions on the SHFE aluminum has sent its price to new record lows, and this will also weigh down other base metals on the SHFE,” SMM says.
The US durable orders for September are due for release, and are not expected to improve significantly because of August’s poor PMIs.
Aluminum price for the most actively-traded contracts will stand at 10,350-10,450 yuan per tonne, according to SMM forecast.
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