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SMM expects LME aluminum price to test the 5-day moving average and fluctuate between USD 2,430-2,480/mt. Most active SHFE 1111 aluminum contract is expected to open slightly lower near RMB 17,450/mt and fluctuate between RMB 17,400-17,550/mt. Spot premiums are expected to be RMB 60-120/mt supported by increasing purchases from downstream to build-up inventory following alleviated capital pressure. Market supplies will be sufficient and transactions will slightly improve.
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