SHANGHAI, May 29 (SMM) – Aluminum stocks in China’s major markets fell at a much faster pace, and this will lend support to both SHFE and spot aluminum prices, SMM expects.
Limited aluminum capacity restarts will support SHFE 1607 aluminum at the 60-day moving average, with price range at 11,950-12,300 yuan per tonne this coming week.
Spot aluminum in east China will trade at premiums of 150 yuan per tonne over SHFE 1606 aluminum.
Movement of LME aluminum will remain subject to crude oil and US dollar. Market will eye US non-farm payrolls for clues for the US Fed’s policy path and impact on US dollar. LME aluminum should move at $1,530-1,570 per tonne.