SHANGHAI, Jun. 26 (SMM) –Aluminum prices will be stuck in recent range this week, unless more news on output cuts pops up, SMM understands.
SHFE aluminum will face selling pressure from hedging funds while finding support from policy anticipation. Wait-and-see sentiment will prevail for the rest of June since market is expecting that Shandong, Xinjiang and Inner Mongolia may release the list of aluminum smelters ordered to close illegal capacity.
SHFE 1708 aluminum will move mainly between 13,750-13,950 yuan/tonne, versus $ 1,860-1,885/tonne for LME aluminum.
Spot discounts in domestic market are expected to expand slightly to around 120 yuan/tonne over SHFE 1707 aluminum.
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