LME Aluminum to Hover at Highs (2016-11-2)-Shanghai Metals Market

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LME Aluminum to Hover at Highs (2016-11-2)

Price Review & Forecast 09:46:10AM Nov 02, 2016 Source:SMM

SHANGHAI, Nov. 2 (SMM) – Who will win the US presidential election is not clear yet and US dollar index thus fell, helping commodities price rise. LME aluminum fell on Tuesday’s night trading with positions closing by longs after a seven-day rise and the contract is expected to hover at USD 1,715-1,740/mt on Wednesday with mixed factors. SHFE 1612 aluminum will test RMB 14,000/mt on Wednesday and move between RMB 13,900-14,100/mt, with market players becoming wary.

In China’s domestic market, spot aluminum should trade at premiums of RMB 260-300/mt over SFHE 1611 aluminum on Wednesday.

LME Aluminum to Hover at Highs (2016-11-2)

Price Review & Forecast 09:46:10AM Nov 02, 2016 Source:SMM

SHANGHAI, Nov. 2 (SMM) – Who will win the US presidential election is not clear yet and US dollar index thus fell, helping commodities price rise. LME aluminum fell on Tuesday’s night trading with positions closing by longs after a seven-day rise and the contract is expected to hover at USD 1,715-1,740/mt on Wednesday with mixed factors. SHFE 1612 aluminum will test RMB 14,000/mt on Wednesday and move between RMB 13,900-14,100/mt, with market players becoming wary.

In China’s domestic market, spot aluminum should trade at premiums of RMB 260-300/mt over SFHE 1611 aluminum on Wednesday.