SHFE Aluminum to Consolidate after Big Decline (2017-9-6)

SHANGHAI, Sep. 6 (SMM) – Movement of other base metals will have big impact on aluminum prices. SHFE 1711 aluminum will range RMB 16,280-16,450/mt on Tuesday, testing support at the 20-day moving average. LME aluminum will move within USD 2,080-2,105/mt today, also testing support at the 20-day moving average. 

In east China’s spot aluminum market, spot discounts are expected at RMB 200-160/mt over SHFE 1709 aluminum contract. 

Key Macroeconomic Indicators for Base Metal Prices (2017-9-6)