Pre-Holiday Restocking to Support Aluminum Prices in China-Shanghai Metals Market

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Pre-Holiday Restocking to Support Aluminum Prices in China

SMM Insight 03:12:34PM Aug 28, 2015 Source:SMM

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. 

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.




A00 Aluminum Ingot 7 Day Chart

Pre-Holiday Restocking to Support Aluminum Prices in China

SMM Insight 03:12:34PM Aug 28, 2015 Source:SMM

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. 

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.




A00 Aluminum Ingot 7 Day Chart