SHANGHAI, Jul. 10 (SMM) – LME aluminum will rise to $ 1,670-1,710 per tonne next week, Shanghai Metals Market foresees.
The price rise will be driven by positive technical side, easing Greek debt crisis and impressive rally of Chinese stock market.
SHFE 1509 aluminum contract will face upward correction after sharp fall, but poor market fundamentals will curb the upside room. The contract should range 12,400-12,600 yuan per tonne.
In China’s spot market, growing bullishness before upcoming delivery of SHFE 1507 aluminum contract will allow spot discounts to narrow to 30-70 yuan per tonne.
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