SHANGHAI, Dec. 25 (SMM) – Aluminum stocks in China’s five major trading markets have been falling for six weeks in a row, down as much as 239,000 mt, as more smelters cut output.
SHFE 1603 aluminum hit a session high of RMB 10,905/mt during Thursday’s night session, with positions up 2,234 to 250,000, many of which were believed to be long positions. The most active contract should rise further to RMB 10,880-11,000/mt on Friday.
See forecast for other base metals, please click: Shanghai to See Base Metal Price Rising Year-End, SMM Says
Spot discounts in China are expected to narrow to RMB 70-30/mt over SHFE 1601 contract on tight supply.
Key Macroeconomic Indicators for Base Metal Prices (2015-12-25)