Aluminium price gains to hold their ground as stocks hit nearly 7-year low in China

Aluminium prices on London Metal Exchange and Shanghai Futures Exchange are likely to extend their gains this week as major stocks in China aluminium industry have recently hit nearly seven-year low, observed analysts at the Shanghai Metals Market.

SMM predicts, LME aluminium will hover in the range of $1,650-1,710 per tonne and SHFE 1609 aluminium at 12,500-12,800 yuan per tonne this week.

Slowdown in inventory declines and the nearing off-season will narrow spot premiums to 0-50 yuan per tonne over SHFE 1608 aluminium, SMM Observes.

Prior to this, China Aluminium International Trading Co. (Chalco Trading), a full subsidiary under Chalco responsible for alumina and aluminum sales, cut aluminium prices in major markets on June 15th further after two consecutive days of cuts.

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