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Home / Metal News / Strong US Dollar to Weigh on LME Aluminum (2016-5-19)

Strong US Dollar to Weigh on LME Aluminum (2016-5-19)

May 19, 2016 09:18

Source:SMM

The US dollar index rose above 95 as minutes of the US Fed’s April meeting strengthened expectations for rate hike in June.

SHANGHAI, May 19 (SMM) – The US dollar index rose above 95 as minutes of the US Fed’s April meeting strengthened expectations for rate hike in June. This will drag LME aluminum down to USD 1,535-15,55/mt on Thursday.

SHFE 1607 aluminum will move at RMB 12,200-12,420/mt.

In China’s spot aluminum market, spot premiums of RMB 10-50/mt are expected over SHFE 1606 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2016-5-19)

SHFE aluminum prices

aluminum prices

Al price

base metal price forecast

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SHFE 1610 aluminum will struggle around the 5-day moving average due to strong market caution, with prices expected at RMB 12,100-12,250/mt.

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SMM Comments

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Strong US Dollar to Weigh on LME Aluminum (2016-5-19)

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