SHANGHAI, Jul. 22 (SMM) –SHFE 1609 aluminum will drop to RMB 12,200-12,370/mt as short momentum is growing.
Manufacturing PMIs from major economies in Europe are expected to be poor. LME aluminum stocks began growing. So, LME aluminum will fall further to USD 1,580-1,610/mt.
In China’s spot aluminum market, spot premiums of RMB 80-120/mt are expected over SHFE 1608 aluminum contract.
Key Macroeconomic Indicators for Base Metal Prices (2016-7-22)