LME Aluminum to Gather More Strength Next Week

SHANGHAI, Mar. 6 (SMM) – LME aluminum will gather more rising steam this coming week on positive sentiment in Chinese market, SMM sees.

Expectations for demand recovery in Chinese aluminum market will drive LME aluminum up to challenge resistance at $ 1,600 per tonne.

The first half of the year will not see massive restarts of idled aluminum capacity and commissioning of new aluminum capacity in China. So, supply will remain tight for the near term.

Spot discounts in China are expected at 80-40 yuan per tonne over SHFE 1603 aluminum contract, with suppliers holding back goods at lows. 

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