Pre-holiday restocking to support aluminum prices in China

Aluminum prices in China’s spot market will draw support from restocking activity before the upcoming three-day holiday, Shanghai Metals Market foresees.

Spot aluminum should trade at discounts of 50-90 yuan per tonne over SHFE 1509 aluminum contract. SHFE 1511 aluminum might continue testing resistance at the 10-day moving average, namely 11,950 yuan per tonne. LME aluminum should hover around $ 1,550 per tonne if it fails to break through the 20-day moving average.

China has set September 3 as a public holiday in celebration of Victory against Japanese Aggression.

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