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

Published: May 26, 2017 09:52

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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

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