LME Aluminum Sets for Losses (2016-11-16)

Price Review & Forecast 09:38:29AM Nov 16, 2016 Source:SMM

SHANGHAI, Nov. 16 (SMM) – US dollar index increased, depressing market sentiment. LME aluminum will test the 20-day moving average and move between USD 1,705-1,740/mt on Wednesday. SHFE 1701 aluminum dropped on Tuesday, and longs thus became wary. The contract is expected to test support at the 10-day moving average and move at RMB 13,700-14,000/mt on Wednesday.

In China’s domestic market, spot aluminum should trade at premiums of RMB 480-520/mt on Wednesday.

LME Aluminum Sets for Losses (2016-11-16)

Price Review & Forecast 09:38:29AM Nov 16, 2016 Source:SMM

SHANGHAI, Nov. 16 (SMM) – US dollar index increased, depressing market sentiment. LME aluminum will test the 20-day moving average and move between USD 1,705-1,740/mt on Wednesday. SHFE 1701 aluminum dropped on Tuesday, and longs thus became wary. The contract is expected to test support at the 10-day moving average and move at RMB 13,700-14,000/mt on Wednesday.

In China’s domestic market, spot aluminum should trade at premiums of RMB 480-520/mt on Wednesday.