LME aluminium continues to trade sideways... SHFE aluminium...
LME aluminium price action appears unwilling to trade out of the current tight range of $1,750-1,800 per tonne despite recent cancellation of 21,800 tonnes from LME-registered warehouses in Port Klang and Singapore on Thursday August 22.
...but SHFE at 10-month high on supply disruptions
However, the Shanghai Futures Exchange most-traded October contract recently hit a 10-month high due to the market reaction to aluminium production outages in China. The decline in SHFE-registered warehouse stocks in the week to August 23 to 379,007 tonnes has also helped support higher prices.
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