Aluminum Prices to Lose Rising Strength This Week, SMM Says

SHANGHAI, Apr. 8 (SMM) – Capacity restarts in Chinese aluminum market seem to be slowly chipping away at the upward momentum of aluminum prices, SMM understands. 

SHFE 1606 aluminum will consolidate at 11,660-11,850 yuan per tonne this coming week. That said, market fundamentals in domestic aluminum market are still considered relatively strong. This will allow the most active contract to challenge 12,000 yuan per tonne level later this month.  

LME aluminum will range $1,480-1,520 per tonne.

Aluminum stocks in China’s five major markets fell another 28,000 tonnes as of April 7. This will allow spot aluminum prices to trade on par with SHFE 1604 aluminum.

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