SHANGHAI, Apr. 15 (SMM) – Aluminum will continue performing better than other base metals this coming week, SMM predicts.
Positive Chinese Q1 economic data, together with strong SHFE aluminum will push LME aluminum up further to $1,540-1,580 per tonne.
SHFE 1609 aluminum is still in the upward track, despite short selling pressure from smelters for hedging purpose. The most active contract will find support at 11,800 yuan per tonne and hit a ceiling at 12,200 yuan per tonne.
In China’s spot market, falling stocks, limited capacity restarts and stable downstream consumption will allow spot prices to trade at discounts to 0-40 yuan per tonne over SHFE 1605 aluminum.
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