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Aluminum to Remain Only Bright Spot among Base Metals Next Week, SMM Says
Apr 2, 2016 10:48Source:SMM
Aluminum will continue outperform other base metals next week on positive market fundamentals, SMM sees.
SHANGHAI, Apr. 2 (SMM) – Aluminum will continue outperform other base metals next week on positive market fundamentals, SMM sees.
Aluminum stocks kept falling in China’s major markets. China will see limited new capacity and restarted capacity for the foreseeable future. So, market supply will remain tight. SMM sees SHFE 1606 aluminum rising further to head for 12,000 yuan per tonne.
US Fed Chairwoman Janet Yellen’s dovish remarks will continue keeping the US dollar index in check. When combined with strong SHFE aluminum, LME aluminum is poised to advance to $ 1,490-1,530 per tonne.
In China’s spot market, tight supply and stable downstream consumption will allow spot aluminum to trade at premiums over SHFE 1604 aluminum
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