SHANGHAI, Aug. 14 (SMM) – Last week, SHFE 1710 aluminum hit 16,460 yuan/tonne, its highest since April 2012, and LME aluminum touched its highest since December 2014 at $2,046.5/tonne. Where will the light metal go after recent big gains?
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Fading positive factors should expose aluminum prices small downward corrections this week, SMM predicts.
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SHFE 1710 aluminum will fall back to 15,750-16,200 yuan/tonne, while LME aluminum will drop to $ 1,970-2,030/tonne.
In domestic spot market, spot discounts will narrow to around 100 yuan/tonne before delivery of SHFE 1708 aluminum, but will expand to about 200 yuan/tonne after the delivery.
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