SHANGHAI, Sep. 9 (SMM) – LME aluminum will remain weak next week, given falling spot aluminum premiums overseas, SMM expects.
LME aluminum should move between $1,600-1,540 per tonne.
Growing aluminum supply in China will pressure SHFE aluminum, but still low stocks will offer some support. SMM sees SHFE 1611 aluminum struggling around 12,000 yuan per tonne, with price band at 11,850-12,150 yuan per tonne.
Trading in domestic spot market will improve due to downstream stocking before upcoming Mid-Autumn Festival. Spot premiums should narrow to 50-100 yuan per tonne over SHFE 1609 aluminum due to expanding price spread between SHFE 1609 and 1610 aluminum.
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