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Aluminum prices will have little upward momentum due to a firm US dollar, but will show some resilience at the same time on news that the State Reserve Bureau will invite tenders to buy aluminum ingot on Friday. In this context, LME aluminum should be stagnant and fluctuate in the band of USD 1,950-1,990/mt on Thursday. SHFE 1306 aluminum contract prices are expected to open at RMB 14,900/mt, with prices between RMB 14,850-14,980/mt. Spot discounts are expected to narrow to RMB 40-80/mt due to approaching delivery date of SHFE current-month aluminum contracts. Overall trading should be light.
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