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Home / Metal News / SHFE Aluminum to Hover at Highs (2016-6-30)

SHFE Aluminum to Hover at Highs (2016-6-30)

Jun 30, 2016 09:17

Source:SMM

Strike threat in Norway and falling crude oil supply in Venezuela allowed crude oil prices to stay at highs.

SHANGHAI, Jun. 30 (SMM) – Strike threat in Norway and falling crude oil supply in Venezuela allowed crude oil prices to stay at highs. LME aluminum has been rising for two consecutive days, nearing last week’s high, and should remain strong at USD 1,625-1,645/mt today.

Tight supply in domestic spot market and strong LME aluminum will allow SHFE 1608 aluminum to hover at highs of RMB 12,350-12,500/mt.

In China’s spot aluminum market, spot premiums of RMB 40-80/mt are expected over SHFE 1607 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2016-6-30)

SHFE aluminum prices

aluminum prices

Al price

base metal price forecast

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