[Al Price] China Aluminum Prices to Fall Next Week on No Sign of Demand Turnaround

SHANGHAI, Jun. 26 (SMM) –Aluminum prices in China’s spot market will take a hit next week as demand is unlikely to turn around amid strong pessimism, Shanghai Metals Market foresees. 

 

Spot aluminum should trade at discounts of 70-120 yuan per tonne over SHFE front-month contract. 

 

Selling pressure at highs will keep SHFE 1509 aluminum contract in check within 12,650-12,800 yuan per tonne. 

 

The rise in LME aluminum this past week was accompanied with an increase in positions, a sign of improved market sentiment. As such, LME aluminum might rise to challenge resistance at the 20-day moving average and move between $1,700-1,740 per tonne.