SHANGHAI, Dec. 4 (SMM) –SHFE aluminum will outperform LME aluminum next week on positive news from China, SMM expects.
Capacity cuts in Chinese aluminum market are intensifying, which will cheer market up. This will push SHFE aluminum up to 10,300-10,500 yuan per tonne, SMM predicts.
See SMM survey, please click: 32% of Chinese Aluminum Smelters Bullish toward Aluminum Prices This Week, SMM Survey
A firmer US dollar amid high expectations for US rate hike will keep LME aluminum in check between $1,470-1,500 per tonne.
In China’s spot market, falling stocks will help narrow spot discounts to less than 100 yuan per tonne over SHFE front-month contract.
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