SHANGHAI, Jul. 31 (SMM) – Aluminum will underperform other base metals this week, given the lack of further production cuts and poor market fundamentals, SMM predicts.
That said, any downward corrections will be limited since supply side reform will offer some support, SMM added.
SHFE 1709 aluminum will slide to 14,250-14,500 yuan/tonne, while LME aluminum should drop to $ 1,915-1,940/tonne.
In domestic spot market, rising stocks and poor consumption will widen spot discounts slightly to 170-130 yuan/tonne.
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