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Home / Metal News / LME Aluminum to Head for Declines (2016-8-31)

LME Aluminum to Head for Declines (2016-8-31)

Aug 31, 2016 09:29

The US dollar index will find support from US economic data and speeches by US Fed officials.

SHANGHAI, Aug. 31 (SMM) – The US dollar index will find support from US economic data and speeches by US Fed officials. Crude oil prices will face pressure from oversupply. LME aluminum will fall to USD 1,620-1,640/mt.

SHFE 1610 aluminum will move at RMB 12,240-12,400/mt, with short selling pressure.

In east China’s spot aluminum market, spot premiums of RMB 140-180/mt are expected over SHFE 1609 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2016-8-31)

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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SHFE 1611 aluminum opened at RMB 12,515/mt overnight and dived to RMB 12,355/mt due to long selling, hurt by the negative OPEC meeting result.

Sep 28, 2016 17:35

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LME Aluminum to Face Downward Pressure (2016-9-28)

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Sep 28, 2016 09:36

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LME Aluminum to Stop Falling (2016-8-23)

LME aluminum will stop falling and find support at the 20-day and 40-day moving averages, with prices expected between USD 1,650-1,670/mt today.

Aug 23, 2016 09:35

SMM Comments

SHFE 1610 Aluminum Rebounds from Lows (2016-8-11)

On Wednesday’s night trading, SHFE 1610 aluminum opened at RMB 12,485/mt and fell to RMB 12,420/mt.

Aug 11, 2016 17:07

SMM Comments

Do Aluminum Prices Need Help from Commercial Stockpiling in H2 2016? SMM Reports

The JV co-invested by China’s six aluminum giants, which is responsible for stockpiling aluminum from the market, obtained business on August 2, marking its official establishment.

Aug 8, 2016 13:12

SMM Insight

SHFE 1608 Aluminum Rises on Long Buying (2016-6-21)

On Monday’s night trading, SHFE 1608 aluminum fell to RMB 12,095/mt after opening at RMB 12,165/mt, and ended at RMB 12,125/mt.

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Mar 31, 2016 17:09

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Mar 30, 2016 09:26

SMM Comments

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Mar 25, 2016 09:14

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LME Aluminum to Head for Declines (2016-8-31)

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