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EventsConsultingSMM Aluminum Weekly Price Review and Forecast (Jun. 3-6, 2014)
Jun 4,2014 11:14
CSTprice review forecast
Source:SMM
SMM believes LME aluminum prices will fall back to USD 1,820-1,870/mt this week.
SHANGHAI, Jun. 4 (SMM) – Last week, SHFE 1408 aluminum contract prices followed rising LME aluminum prices up above RMB 13,500/mt, but then fell back slightly. Prices for the most active contract rebounded again last Friday to above RMB 13,540/mt as long buyers dominated the market. In China’s physical markets, sharply rising prices turned buyers away. Cargo holders became eager to sell due to tight liquidity at the month’s end, adding to oversupply pressure and sending prices lower. No massive restocking was reported before the Dragon Boat festival holiday in China.
SMM believes LME aluminum prices will fall back to USD 1,820-1,870/mt this week. Positions of the most active SHFE aluminum contract increased this past week, so prices are expected to move higher to between RMB 13,450-13,650/mt. In China’s spot markets, downstream demand will remain stable, but sellers will be in no rush to sell now that liquidity has improved with the start of the new month. This week, spot discounts of RMB 40-90/mt are expected over SHFE 1406 aluminum contracts.
LME aluminum prices
SMM Weekly Review and Forecast
SHFE aluminum prices
China aluminum prices
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