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Home / Metal News / LME Aluminum to Find Support from Weaker Dollar (2017-5-18)

LME Aluminum to Find Support from Weaker Dollar (2017-5-18)

May 18, 2017 09:40

Source:SMM

LME aluminum will find support from a weaker US dollar, but will meet strong resistance at USD 1,930/mt and should move at USD 1,917-1,935/mt today.

SHANGHAI, May 18 (SMM) –LME aluminum will find support from a weaker US dollar, but will meet strong resistance at USD 1,930/mt and should move at USD 1,917-1,935/mt today. SHFE 1707 aluminum should trade in a tight range of RMB 13,980-14,120/mt today, with resistance at the 20-day, 40-day and 60-day moving averages.

In east China’s spot aluminum market, weakening downstream consumption will widen spot discounts to RMB 140-100/mt over SHFE 1706 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2017-5-18)

SHFE aluminum prices

aluminum prices

Al price

base metal price forecast

For queries, please contact William Gu at williamgu@smm.cn

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SHFE 1707 aluminum opened at RMB 13,840/mt on Monday, and hit a low of RMB 13,720/mt.

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LME Aluminum to Find Support from Weaker Dollar (2017-5-18)

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