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LME Aluminum to See Range-Bound Trading Next Week, SMM Says
Aug 26, 2016 19:56Source:SMM
LME aluminum will trade in a narrower range next week, while SHFE 1610 aluminum will consolidate at highs, SMM predicts.
SHANGHAI, Aug. 26 (SMM) –LME aluminum will trade in a narrower range next week, while SHFE 1610 aluminum will consolidate at highs, SMM predicts.
SMM sees LME aluminum between $ 1,620-1,680 per tonne. Low aluminum stocks in China and expectations for improving aluminum consumption in September will allow SHFE 1610 aluminum to hold at highs of 12,200-12,500 yuan per tonne.
Aluminum ingot arrivals into east China are likely to increase slightly. Stabilizing SHFE aluminum might prompt some suppliers in spot market to sell. Spot premiums in east China aluminum market will narrow to 150-200 yuan per tonne over SHFE 1609 aluminum.
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