SHANGHAI, Jun. 12 (SMM) – LME aluminum is on track for more declines this week, SMM expects.
Softening overseas demand will pressure aluminum prices. Some aluminum buyers in Japan agreed to set aluminum premiums at $119/tonne for Q3 shipments, down 7% from $128/tonne in Q2 and marking the first fall in three quarters.
Besides, badly performed SHFE aluminum will not offer support to LME aluminum, either, SMM explained.
LME aluminum could drop to $1,870-1,920/tonne this week.
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