SHANGHAI, Aug. 14 (SMM) – LME aluminum will move down next week, Shanghai Metals Market foresees.
Expectations are running that that Chinese aluminum semis will flood into overseas market after Chinese yuan depreciated. This, combined with strong resistance at moving averages, will push LME aluminum down to to $ 1,550-1,580 per tonne.
SHFE 1510 aluminum might drop to 19,950-12,150 yuan per tonne, as production cuts are insufficient to offset slowing consumption.
In China’s spot market, spot discounts will widen to 40-80 yuan per tonne over SHFE 1508 contract.
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