SHFE Aluminum to See Range-Bound Trading (2016-11-3)

Published: Nov 03, 2016 09:48 (GMT+8)

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LME aluminum is expected to move between USD 1,710-1,730/mt on Thursday and SHFE 1612 aluminum will move above the 10-day moving average and fluctuate at RMB 13,200-13,350/mt.

SHANGHAI, Nov. 3 (SMM) – The US dollar index kept falling because uncertainty over presidential election, despite Federal Reserve’s hawkish decision. LME aluminum is expected to move between USD 1,710-1,730/mt on Thursday and SHFE 1612 aluminum will move above the 10-day moving average and fluctuate at RMB 13,200-13,350/mt. Market players are expected to take wait-and-see stance with uncertainty over domestic aluminum inventories.

In China’s domestic market, spot aluminum should trade at premiums of RMB 280-320/mt over SHFE 1611 aluminum on Thursday.

LME aluminum SHFE aluminum aluminum prices

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