SHANGHAI, Nov. 6 (SMM) – LME aluminum will struggle around $1,500 per tonne next week, SMM says.
Stabilizing SHFE aluminum will support LME aluminum, while a strong US dollar due to expectations for US rate hike will keep LME aluminum in check.
Recent rally in SHFE aluminum is driven by exit of shorts, and it remains to be seen whether the rally will be sustainable. SHFE aluminum should range 10,400-10,700 yuan per tonne.
In China’s spot market, spot discounts will widen to 100-150 yuan per tonne, due to ample supply and weak buying amid cash crunch.
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