China International Futures (CIFCO) predicts up of crude oil will support aluminium price

August 21, Shanghai aluminium futures closed slightly higher. CIFCO indicates that down of US dollar and up of crude oil support growth of aluminium price, while space of rebound is limited against to background of high stock pressure and low market demand.

LME August 21 aluminium stock up 8350T to 1164500T, spot discount 53 dollars. As for domestic market of the day, spot price of aluminium was 17780-17840 yuan, spot discount 90 to 30 yuan, and in adequate supply.

Technically, LME three-month futures aluminium fell slightly, continue to range around 2700 to 2800 dollars in a short period.

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