SHANGHAI, Jul. 3 (SMM) – Aluminum prices will lose upward momentum and remain stuck in recent range this week, SMM forecasts.
LME aluminum will meet strong resistance at the 60-day moving average and face risks of falling back from highs if other base metals fail to surge. SMM sees LME aluminum moving between $ 1,880-1,920/tonne.
June 30 is the deadline for local governments to finish checks on illegal aluminum capacity, and the list of illegal aluminum capacity is expected to be released this week. SHFE 1708 aluminum will fluctuate between 13,750-14,050 yuan/tonne.
In domestic spot market, growing supply and weakening demand will widen spot discounts to 140-100 yuan/tonne over SHFE 1707 aluminum.
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