Aluminum Prices to Run Out of Steam This Week, SMM Predicts

Published: Jul 3, 2017 15:06

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Aluminum prices will lose upward momentum and remain stuck in recent range this week, SMM forecasts.

SHANGHAI, Jul. 3 (SMM) – Aluminum prices will lose upward momentum and remain stuck in recent range this week, SMM forecasts.

LME aluminum will meet strong resistance at the 60-day moving average and face risks of falling back from highs if other base metals fail to surge. SMM sees LME aluminum moving between $ 1,880-1,920/tonne.

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June 30 is the deadline for local governments to finish checks on illegal aluminum capacity, and the list of illegal aluminum capacity is expected to be released this week. SHFE 1708 aluminum will fluctuate between 13,750-14,050 yuan/tonne.

Chinese Aluminum Smelters to Face Rising Power Costs, SMM Expects

In domestic spot market, growing supply and weakening demand will widen spot discounts to 140-100 yuan/tonne over SHFE 1707 aluminum.

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aluminum prices SHFE aluminum prices LME aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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