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Home / Metal News / SHFE Aluminum to Face Selling Pressure (2016-8-22)

SHFE Aluminum to Face Selling Pressure (2016-8-22)

iconAug 22, 2016 09:27
SHFE 1610 aluminum will face pressure from longs to take profit at highs and move at RMB 12,470-12,650/mt today.

SHANGHAI, Aug. 22 (SMM) –SHFE 1610 aluminum will face pressure from longs to take profit at highs and move at RMB 12,470-12,650/mt today.  

The US dollar index will have limited downside room as more US Fed officials have turned hawkish. LME aluminum will meet resistance at the 10-day moving average and move at USD 1,645-1,670/mt.  

In east China’s spot aluminum market, spot premiums of RMB 70-110/mt are expected over SHFE 1609 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2016-8-22)



SHFE aluminum prices
aluminum prices
Al price
base metal price forecast
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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