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?
China Aluminum Stocks to Exceed 1.8 Million Tonnes in Q1 2018, SMM Predicts
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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