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

Published: Jul 8, 2016 16:35

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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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