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

Published: May 18, 2017 09:40

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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

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