SHANGHAI, Jun. 19 (SMM) – Aluminum might not be the preferred choice, at least for now, since its prices are still in downward track amid a series of negative factors, SMM noted.
Anticipation is waning for favorable policies in Chinese aluminum market. Growing supply and softening consumption will send SHFE 1708 aluminum down further to 13,300-13,650 yuan/tonne this week. LME aluminum will drop to $ 1,850-1,890/tonne, SMM predicts.
Aluminum ingot stocks in China’s five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) were near record high at 1.21 million tonnes as of June 16 and will keep growing.
July-August is the traditional off-season for aluminum consumption. Orders are already down at some aluminum processors, SMM survey found.
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