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Home / Metal News / LME Aluminum to Meet Downward Pressure (2016-11-18)

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

Nov 18, 2016 09:37

Source:SMM

LME aluminum is predicted to move between USD 1,688-1,700/mt on Friday and SHFE 1701 aluminum will range at RMB 13,400-13,600/mt.

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.

SHFE aluminum

LME aluminum

aluminum prices

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

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