SHFE Aluminum to Move Lower (2016-12-20)

SHANGHAI, Dec. 20 (SMM) – LME aluminum dropped with rising positions on Monday and tested the 60-day moving average. The contract will range at USD 1,700-1,720/mt on Tuesday. Social inventory keeps rising, waning down SHFE 1702 aluminum. SHFE 1702 aluminum will test RMB 12,500/mt on Tuesday and will move at RMB 12,500-12,720/mt.

In China’s domestic market, spot aluminum should trade at premiums of RMB 80-120/mt on Tuesday.