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LME Aluminum Vulnerable to Losses Next Week on Negative News from China
Oct 17, 2015 12:03Source:SMM
LME aluminum will be vulnerable to losses next week on negative news from China, SMM says.
SHANGHAI, Oct. 17 (SMM) –LME aluminum will be vulnerable to losses next week on negative news from China, SMM says.
Bearish sentiment is strong in China. The US dollar index found strong support near 94. LME aluminum has lost support at all moving averages. All these factors will push LME aluminum down below $1,550/mt.
SHFE 1512 aluminum will range 11,000-11,200 yuan per tonne, dragged by lower production costs.
Spot discounts in China will widen to 100 yuan per tonne due to high inventories.
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