SHFE aluminum to rebound next week after hitting over three-year low

August aluminum on the SHFE is expected to rebound to 12,600-12,750 yuan per tonne next week, Shanghai Metals Market foresees.

The contract is in oversold territory, presaging a rally on the horizon, SMM’s research team said.

LME aluminum might face correction following steep fall this past week, with prices expected between $ 1,680-1,730 per tonne next week.

In China’s spot market, supply will be limited since suppliers that just completed delivery under term contracts will have few goods available for sale. Liquidity crunch at the month’s end means that trading is unlikely to pick up. Spot discounts of 40-90 yuan per tonne are expected over SHFE front-month contract.

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