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Aluminum prices will remain low as markets are expecting slower growth in HSBC’s China April PMI, which is due today. LME aluminum will continue to meet resistance at USD 1,900/mt, with prices between USD 1,850-1,895/mt on Tuesday. SHFE 1306 aluminum contract is expected to open slightly higher at RMB 14,550/mt and move in a RMB 14,480-14,580/mt range. Severe oversupply will leave spot aluminum at a discount of RMB 70-110/mt over SHFE 1305 aluminum contract.
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