Shorts in Upper Hand in Aluminum Market (2017-3-15)

Published: Mar 15, 2017 09:42

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LME aluminum, which had been rising since the beginning of 2017, slid below the 40-day moving average for the first time, triggering bearish bets.

SHANGHAI, Mar. 15 (SMM) – LME aluminum, which had been rising since the beginning of 2017, slid below the 40-day moving average for the first time, triggering bearish bets. LME aluminum is expected to trade at USD 1,840-1,870/mt on Wednesday.

In China’s domestic market, downstream demand is improving, so shorts mainly take short-term operational plan. But, high inventories and falling short of policy expectations also restrict bullish sentiment, with shorts in the upper hand, undermining its support at the 60-day moving average. SHFE three-month aluminum is estimated to fluctuate between RMB 13,550-13,770/mt on Wednesday, with spot discounts at RMB 90-50/mt.

alumina price aluminum price LME aluminum

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