SHANGHAI, May 9 (SMM) – LME aluminum has been falling for four days in a row, and may face brief technical corrections to move between USD 1,860-1,890/mt today. Poor market fundamentals and fading effect from speculation over policy caused SHFE aluminum to fall sharply. SHFE 1706 aluminum will test support at RMB 13,750/mt and move between RMB 13,700-13,950/mt, with longs likely to enter at current low levels.
In east China’s spot aluminum market, spot discounts of RMB 0-40/mt are expected over SHFE 1705 aluminum contract.
Key Macroeconomic Indicators for Base Metal Prices (2017-5-9)
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