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Home / Metal News / LME and SHFE Aluminum to Lack Upward Momentum Next Week, SMM Says

LME and SHFE Aluminum to Lack Upward Momentum Next Week, SMM Says

Jul 8, 2016 16:35

Source:SMM

Aluminum prices on the LME and SHFE will find no strength to claw back this week’s losses, SMM says.

SHANGHAI, Jul. 8 (SMM) – Aluminum prices on the LME and SHFE will find no strength to claw back this week’s losses, SMM says.

US non-farm payrolls are expected to be positive as June ADP employment well beat forecast and initial jobless claims fell sharply last week. This will favor the US dollar, this piling pressure on LME aluminum. LME aluminum should move at $1,620-1,660 per tonne.

SHFE 1609 aluminum should hover around 12,500 yuan per tonne.

Aluminum stocks in domestic five major markets have fallen below 300,000 tonnes. This will allow spot aluminum to trade at premiums of 30-60 yuan per tonne over SHFE 1607 aluminum.

Aluminum Supply Tightness to Ease in China, SMM expects

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aluminum prices

SHFE aluminum prices

LME aluminium prices

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SHANGHAI, Mar 28 (SMM) – The most-traded SHFE 2205 aluminium contract climbed from 22,720 yuan/mt last Monday to 23,465 yuan/mt on Thursday amid the escalation of Russia-Ukraine war before closing at 23,090 yuan/mt on Friday afternoon, up 260 yuan/mt or 1.14% on the week.

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Mar 10, 2022 10:23

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Less Bullish Fundamentals Prevented SHFE Aluminium from Gaining as Much as LME Aluminium

SHANGHAI, Mar 4 (SMM) - The most-traded SHFE 2204 aluminium contract opened at 23,810 yuan/mt overnight, and hit a high of 23,870 yuan/mt, but then fell back to 23,525 yuan/mt before closing at 23,655 yuan/mt, up 145 yuan/mt or 0.6%.

Mar 4, 2022 13:21

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LME Aluminium Refreshed All-Time High amid Spiking Supply Fears

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LME and SHFE Aluminum to Lack Upward Momentum Next Week, SMM Says

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