SHANGHAI, Jul. 17 (SMM) – Even if there is no more output cut news, aluminum prices will move at high levels this week, SMM expects.
However, investors should be alert to potential profit taking by longs after recent big gains, SMM cautions.
Tug-of-War between Australian Alumina Suppliers and Chinese Buyers, SMM Reports
LME aluminum will hover at $ 1,900-1,945/tonne, while SHFE 1709 aluminum will trade at 14,150-14,500 yuan/tonne with positive technical indicators.
In China’s domestic spot market, spot discounts will widen to 100-170 yuan/tonne after delivery of SHFE 1707 aluminum. Downstream consumption will weaken further, given off-season in summer months.
Profit Expands Sharply at Chinese Aluminum Smelters, SMM Says
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