SHANGHAI, Jul. 24 (SMM) – LME aluminum will fall to $ 1,620-1,660 per tonne next week, Shanghai Metals Market foresees.
Negative technical indicators and strong bearishness in commodity market will push down LME aluminum. But the downside space will be limited since it is already in oversold territory.
SHFE 1510 aluminum contract should drop to 12,150-12,350 yuan per tonne, due to pessimism over aluminum consumption in China and growing expectations for interest rate in the US.
In China’s spot market, moth-end cash crunch and weak demand in summer will leave spot discounts high at 90-130 yuan per tonne over SHFE 1508 contract.
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