China’s aluminum prices sustain bullish rally and test a seven month high.
SHFE two-month aluminum prices climbed 1.0% in after-hours to test a seven- month high of 14,350 yuan per mton ($1,847 per mton, excluding VAT) amid some short covering, and rising alumina prices amid concerns of potential environmentally related cutbacks in the province of Shanxi. Previously, prices had closed the overnight session without much change at 14,205 yuan per mton ($1,828 per mton, excluding VAT). Prices attempt to consolidate above interim technical resistance threshold.
More details in full report.