LME and SHFE Aluminum to Advance Further Next Week, SMM Expects-Shanghai Metals Market

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LME and SHFE Aluminum to Advance Further Next Week, SMM Expects

SMM Insight 04:49:46PM Nov 11, 2016 Source:SMM

SHANGHAI, Nov. 11 (SMM) – LME and SHFE aluminum will continue rising next week, but might face selling pressure at highs, SMM predicts.

LME aluminum will advance further to $1,730-1,820/tonne, and SHFE 1701 aluminum should rise to 13,600-14,400 yuan/tonne. Tight aluminum supply in east China will support further gains in SHFE aluminum prices. It should be noted, though, that positions of all SHFE aluminum contracts hit as high as 790,000 on Thursday, which will expose SHFE aluminum prices to downward pressure from possible profit-taking by longs.

In east China spot market, spot premiums will drop slightly on the delivery date of SHFE 1611 aluminum. Tight supply will keep spot premiums at highs of 300-400 yuan/tonne over SHFE front-month aluminum.

For news cooperation, please contact us by email: sallyzhang@smm.cn orservice.en@smm.cn.
 

LME and SHFE Aluminum to Advance Further Next Week, SMM Expects

SMM Insight 04:49:46PM Nov 11, 2016 Source:SMM

SHANGHAI, Nov. 11 (SMM) – LME and SHFE aluminum will continue rising next week, but might face selling pressure at highs, SMM predicts.

LME aluminum will advance further to $1,730-1,820/tonne, and SHFE 1701 aluminum should rise to 13,600-14,400 yuan/tonne. Tight aluminum supply in east China will support further gains in SHFE aluminum prices. It should be noted, though, that positions of all SHFE aluminum contracts hit as high as 790,000 on Thursday, which will expose SHFE aluminum prices to downward pressure from possible profit-taking by longs.

In east China spot market, spot premiums will drop slightly on the delivery date of SHFE 1611 aluminum. Tight supply will keep spot premiums at highs of 300-400 yuan/tonne over SHFE front-month aluminum.

For news cooperation, please contact us by email: sallyzhang@smm.cn orservice.en@smm.cn.