Aluminium to remain only bright spot among base metals this week

Aluminium will continue to outperform other base metals this week on positive market fundamentals, SMM forecasts.

Aluminium stocks kept falling in China’s major markets. China will see limited new capacity and restarted capacity for the foreseeable future. So, market supply will remain tight. SMM sees SHFE 1606 aluminium rising further to head for 12,000 yuan per tonne.

US Fed Chairwoman Janet Yellen’s dovish remarks will continue keeping the US dollar index in check. When combined with strong SHFE aluminium, LME aluminium is poised to advance to $ 1,490-1,530 per tonne.

In China’s spot market, tight supply and stable downstream consumption will allow spot aluminium to trade at premiums over SHFE 1604 aluminium.

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