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

Published: Aug 22, 2016 09:27

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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

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