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Home / Metal News / LME and SHFE Aluminum to Embark Diverging Paths Next Week

LME and SHFE Aluminum to Embark Diverging Paths Next Week

May 20, 2016 19:27

Source:SMM

Aluminum prices on the LME and SHFE will embark on different paths next week, SMM expects.

SHANGHAI, May 20 (SMM) – Aluminum prices on the LME and SHFE will embark on different paths next week, SMM expects.

A strong US dollar and technical resistance at the 10-day moving average will keep LME aluminum moving at lows of $1,530-1,560 per tonne.

On the other hand, strong market fundamentals in China will offer sustainable support to SHFE aluminum. SHFE 1607 aluminum is poised to advance to 12,050-12,500 yuan per tonne.

Aluminum stocks in China’s five major markets have fallen to around 530,000 tonnes. This will allow spot aluminum in east China market to trade at premiums of 0-30 yuan per tonne over SHFE 1606 aluminum.

China Operational Aluminum Capacity to Grow Further in May, SMM Expects

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LME and SHFE Aluminum to Embark Diverging Paths Next Week

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