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Falling LME aluminum prices will weigh down aluminum prices. LME aluminum should test support at USD 2,050/mt and fluctuate in the band of USD 2,050-2,090/mt on Tuesday. The SHFE 1303 aluminum contract is expected to open lower at RMB 15,200/mt, with prices between RMB 15,175-15,250/mt. Spot discounts are expected between RMB 0-10/mt and premiums between RMB 0-20/mt since today is the last trading day of the SHFE 1303 aluminum contracts. Market supply should exceed demand and overall trading will be light.
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