SHANGHAI, May 2 (SMM) – Aluminum prices will struggle around moving averages this week, SMM expects.
Falling LME aluminum inventories will help drive LME aluminum up slightly to $ 1,910-1,980/tonne. SHFE 1706 aluminum has found solid support at the 40-day and 60-day moving averages and is exposed to only limited selling pressure. So, any downside room will be limited. The most active SHFE aluminum contract should drop slightly to 14,000-14,500 yuan/tonne.
Aluminum Stocks in China Fall for Two Consecutive Weeks, SMM Reports
SMM survey found orders are falling at aluminum processors. Suppliers will continue holding back goods at lows, reducing goods available in spot market. Spot discounts of 140-80 yuan/tonne are expected over SHFE 1705 aluminum.
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