SHANGHAI, Jul. 1 (SMM) – Aluminum prices, both on the LME and SHFE, will see further gains next week, SMM predicted.
The US dollar index will correct down further on weakening expectations for US rate hike later this year. This will send LME aluminum up further to $1,610-1,660 per tonne.
SHFE 1608 aluminum looks set to challenge previous resistance of 12,800 yuan per tonne thanks to big fall in domestic aluminum stocks.
In east China spot market, spot premiums of 50-100 yuan per tonne are expected over SHFE 1607 aluminum.
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