SHANGHAI, Aug. 22 (SMM) –SHFE 1610 aluminum will face pressure from longs to take profit at highs and move at RMB 12,470-12,650/mt today.
The US dollar index will have limited downside room as more US Fed officials have turned hawkish. LME aluminum will meet resistance at the 10-day moving average and move at USD 1,645-1,670/mt.
In east China’s spot aluminum market, spot premiums of RMB 70-110/mt are expected over SHFE 1609 aluminum contract.
Key Macroeconomic Indicators for Base Metal Prices (2016-8-22)