Now Is Not Time to Abandon Aluminum, SMM Advises

Published: Jul 10, 2017 18:00

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lthough aluminum prices may take a breath this week following big gains, SMM sees no big drop in the light metal.

SHANGHAI, Jul. 10 (SMM) – Although aluminum prices may take a breath this week following big gains, SMM sees no big drop in the light metal.

Supply side reform in China will offer solid support to aluminum prices, SMM explains.

China Aluminum Stocks Record Biggest Weekly Growth in Six Years, SMM Reports

LME aluminum may pare some gains for corrections after continuous gains and possible rally in US dollar, and will mainly trade between $ 1,915-1,955/tonne this week. SHFE 1709 aluminum should fluctuate at highs of 14,100-14,350 yuan/tonne, with selling pressure at highs.

Profit Expands at Chinese Aluminum Smelters, SMM Expects

In domestic spot market, high prices and the off-season will dampen downstream buying interest. But, nearing delivery of SHFE 1707 aluminum will narrow spot discounts to 110-70 yuan/tonne.

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SHFE aluminum LME aluminum aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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