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.
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.
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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