SHFE aluminum to lead declines in Shanghai market, SMM Says

Base metal prices on the SHFE are expected to continue their declines on October 27, with SHFE aluminum to lead price losses, Shanghai Metals Market foresees.

“A considerable increase in short positions on the SHFE aluminum has sent its price to new record lows, and this will also weigh down other base metals on the SHFE,” SMM says.

The US durable orders for September are due for release, and are not expected to improve significantly because of August’s poor PMIs.

Aluminum price for the most actively-traded contracts will stand at 10,350-10,450 yuan per tonne, according to SMM forecast.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.