SHFE Aluminum to Post for Gains (2016-12-28)

SHANGHAI, Dec. 28 (SMM) - LME market resumes trading on Wednesday. LME aluminum will advance on Wednesday due to firm SHFE 1702 aluminum, but any rise will be limited with resistance from the moving averages. LME aluminum is predicted to range between USD 1,710-1,730/mt. Attention should be on effect from LME aluminum and Chinese yuan. SHFE 1702 aluminum will move at RMB 12,850-13,050/mt on Wednesday, but will meet resistance at 20 and 60-day moving averages.

In China’s domestic market, spot aluminum should trade at premiums of RMB 80-120/mt on Wednesday.