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

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)