SHFE Aluminum to Meet Downward Pressure (2016-11-7)-Shanghai Metals Market

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SHFE Aluminum to Meet Downward Pressure (2016-11-7)

Price Review & Forecast 09:53:27AM Nov 07, 2016 Source:SMM

SHANGHAI, Nov. 7 (SMM) – LME aluminum is expected to drop below the 5-day moving average to USD 1,705-1,725/mt on Monday. SHFE 1612 aluminum will test support at RMB 13,200/mt after meeting resistance at the 5 and 10-day moving average and move between RMB 13,180-13,380/mt on Monday.

In China’s domestic market, spot aluminum should trade at premiums of RMB 330-370/mt on Monday.

Price

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Aluminum Ingot
Apr.19
14050.0
40.0
(0.29%)
Alumina (Averaged)
Apr.19
2665.0
0.0
(0.00%)
Alumina-East
Apr.19
2680.0
0.0
(0.00%)
Alumina -Central
Apr.19
2670.0
0.0
(0.00%)
Alumina - North
Apr.19
2660.0
0.0
(0.00%)

SHFE Aluminum to Meet Downward Pressure (2016-11-7)

Price Review & Forecast 09:53:27AM Nov 07, 2016 Source:SMM

SHANGHAI, Nov. 7 (SMM) – LME aluminum is expected to drop below the 5-day moving average to USD 1,705-1,725/mt on Monday. SHFE 1612 aluminum will test support at RMB 13,200/mt after meeting resistance at the 5 and 10-day moving average and move between RMB 13,180-13,380/mt on Monday.

In China’s domestic market, spot aluminum should trade at premiums of RMB 330-370/mt on Monday.