SHANGHAI, Sep. 2 (SMM) –LME aluminum will continue falling next week, while SHFE aluminum will see wild swing, SMM predicts.
LME aluminum should fall to $ 1,580-1,650 per tonne. Despite growing aluminum output in China, expectations for demand in September, the tradition peak-demand month, will offer support to SHFE aluminum. SHFE 1610 aluminum should trade widely between 12,000-12,400 yuan per tonne.
Aluminum stocks in China will continue growing due to increasing shipments from smelters. But, total stocks remain quite low and inventory growth will be limited. As such, spot premiums in east China will remain high at 100-150 yuan per tonne over SHFE 1609 aluminum.
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