Al market to further advance, but resistance great

摘要

Primary aluminum prices both at home and abroad extend the bullish sentiment in September but the prices are meeting strong resistance on the way to further rise, trading sources show. SHFE's most active December aluminum contract touched a 4-month high of 17,090 yuan a tonne on September 23 and the price rose by around 15 percent from its year-to date low of 15,000 yuan a tonne seen on July 26. Chinese aluminum price has escalated in recent two months, mostly propelled by the- strong LME aluminum market. And the continuing decline of aluminum stocks on SHFE warehouse also help the price to move up. Compared with Chinese aluminum market, the LME aluminum has performed more strongly with the 3-month contract rising by around 20 percent in recent two months. The LME 3-month aluminum moved at around 1,800 US dollars a tonne in recent trading days, close to its previous peak of 1,850 US dollars a tonne seen in mid-April this year.