SHFE Aluminum to Meet Resistance (2016-6-29)

Published: Jun 29, 2016 09:29

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Impact from UK leave vote is fading. Blast in Turkey and falling crude oil stocks supported crude oil prices.

SHANGHAI, Jun. 29 (SMM) – Impact from UK leave vote is fading. Blast in Turkey and falling crude oil stocks supported crude oil prices. LME aluminum will return to levels seen before UK vote result and move at USD 1,620-1,640/mt today.

SHFE 1608 aluminum has met growing resistance and should move at RMB 12,340-12,480/mt.

In China’s spot aluminum market, spot premiums of RMB 30-70/mt are expected over SHFE 1607 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2016-6-29)

SHFE aluminum prices aluminum prices Al price base metal price forecast

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