LME Aluminum to Meet Downward Pressure (2016-11-18)-Shanghai Metals Market

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LME Aluminum to Meet Downward Pressure (2016-11-18)

Price Review & Forecast 09:37:12AM Nov 18, 2016 Source:SMM

SHANGHAI, Nov. 18 (SMM) – The US Federal Reserve Chairwoman Yellen delivered a hawkish speech on Thursday night. US dollar index thus hovered at highs, weighing down LME aluminum. LME aluminum is predicted to test support at the 40-day moving average and will move between USD 1,688-1,700/mt on Friday. SHFE 1701 aluminum will range at RMB 13,400-13,600/mt on Friday.

In China’s domestic market, spot aluminum should trade at premiums of RMB 400-440/mt on Friday.

Price

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Aluminum Ingot
Apr.24
14150.0
-50.0
(-0.35%)
Alumina (Averaged)
Apr.24
2705.0
10.0
(0.37%)
Alumina-East
Apr.24
2710.0
10.0
(0.37%)
Alumina -Central
Apr.24
2710.0
10.0
(0.37%)
Alumina - North
Apr.24
2700.0
10.0
(0.37%)

LME Aluminum to Meet Downward Pressure (2016-11-18)

Price Review & Forecast 09:37:12AM Nov 18, 2016 Source:SMM

SHANGHAI, Nov. 18 (SMM) – The US Federal Reserve Chairwoman Yellen delivered a hawkish speech on Thursday night. US dollar index thus hovered at highs, weighing down LME aluminum. LME aluminum is predicted to test support at the 40-day moving average and will move between USD 1,688-1,700/mt on Friday. SHFE 1701 aluminum will range at RMB 13,400-13,600/mt on Friday.

In China’s domestic market, spot aluminum should trade at premiums of RMB 400-440/mt on Friday.