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Pre-Holiday Restocking to Support Aluminum Prices in China
Aug 28, 2015 15:12Source:SMM
Aluminum prices in China’s spot market will draw support from restocking activity before the upcoming three-day holiday, Shanghai Metals Market foresees.
SHANGHAI, Aug. 28 (SMM) – Aluminum prices in China’s spot market will draw support from restocking activity before the upcoming three-day holiday, Shanghai Metals Market foresees.
Spot aluminum should trade at discounts of 50-90 yuan per tonne over SHFE 1509 aluminum contract.
SHFE 1511 aluminum might continue testing resistance at the 10-day moving average, namely 11,950 yuan per tonne.
LME aluminum should hover around $ 1,550 per tonne if it fails to break through the 20-day moving average.
China has set September 3 as a public holiday in celebration of Victory against Japanese Aggression.
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