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Home / Metal News / LME Aluminum to Rise Further (2017-5-26)

LME Aluminum to Rise Further (2017-5-26)

iconMay 26, 2017 09:52
Crude oil prices got a boost as the OPEC agreed to extend oil cut agreement by 9 months.

SHANGHAI, May 26 (SMM) – Crude oil prices got a boost as the OPEC agreed to extend oil cut agreement by 9 months. LME aluminum rose for three days in a row and will rise further to USD 1,950-1,973/mt today. SHFE 1707 aluminum should challenge the 40-day moving average and move between RMB 14,000-14,170/mt, with weak market fundamentals and caution before Dragon Boat Festival keeping prices in check. 

In east China’s spot aluminum market, spot discounts of RMB 110-70/mt are expected over SHFE 1706 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2017-5-26)

 

SHFE aluminum prices
aluminum prices
Al price
base metal price forecast
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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