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[Al Price] LME Aluminum to Fall to $ 1,630-1,660 Next Week
Jul 31, 2015 13:23Source:SMM
LME aluminum will fall to $ 1,630-1,660 per tonne next week, Shanghai Metals Market foresees.
SHANGHAI, Jul. 31 (SMM) – LME aluminum will fall to $ 1,630-1,660 per tonne next week, Shanghai Metals Market foresees.
Expectations for US interest rate hike will keep the US dollar index elevated, thus pressuring LME aluminum.
Selling pressure at highs and tumbling Chinese stock market will send SHFE 1510 aluminum contract down to 12,150-12,300 yuan per tonne.
In China’s spot market, trading will remain poor as pessimism prevails. Spot discounts of 60-100 yuan per tonne are expected over SHFE 1508 contract.
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