LME Aluminum to Swing at Highs (2016-11-15)-Shanghai Metals Market

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LME Aluminum to Swing at Highs (2016-11-15)

Price Review & Forecast 09:59:40AM Nov 15, 2016 Source:SMM

SHANGHAI, Nov. 15 (SMM) – US dollar index broke through 100 with high expectation of US interest rate hike in December’s meeting, weighing down LME aluminum. LME aluminum is expected to test support at the 5-day moving average and swing between USD 1,720-1,760/mt. Chinese yuan depreciated in a row, supporting SHFE 1701 aluminum. SHFE 1701 aluminum is expected to hover at RMB 14,100-14,400/mt with resistance on Tuesday.

In China’s domestic market, spot aluminum should trade at discounts of RMB 20/mt to premiums of RMB 20/mt on Tuesday.

Price

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Aluminum Ingot
Apr.18
14010.0
40.0
(0.29%)
Alumina (Averaged)
Apr.18
2665.0
19.0
(0.72%)
Alumina-East
Apr.18
2680.0
20.0
(0.75%)
Alumina -Central
Apr.18
2670.0
20.0
(0.75%)
Alumina - North
Apr.18
2660.0
20.0
(0.76%)

LME Aluminum to Swing at Highs (2016-11-15)

Price Review & Forecast 09:59:40AM Nov 15, 2016 Source:SMM

SHANGHAI, Nov. 15 (SMM) – US dollar index broke through 100 with high expectation of US interest rate hike in December’s meeting, weighing down LME aluminum. LME aluminum is expected to test support at the 5-day moving average and swing between USD 1,720-1,760/mt. Chinese yuan depreciated in a row, supporting SHFE 1701 aluminum. SHFE 1701 aluminum is expected to hover at RMB 14,100-14,400/mt with resistance on Tuesday.

In China’s domestic market, spot aluminum should trade at discounts of RMB 20/mt to premiums of RMB 20/mt on Tuesday.