Weak fundamentals, China capacity cuts to boost aluminium prices: Nalco CMD

Reports indicate 3 Chinese provinces may cut 30% of aluminium smelting and 50% of alumina refining capacity

Weakening Chinese fundamentals and the country's plans to shut down smelting capacities would weigh on LME (London Metal Exchange) aluminium prices, a top executive of the National Aluminium Company (Nalco) said here.

"After averaging $1,854 per tonne in Q1 of 2017 and $1,917 per tonne in Q2 2017, LME three-month price is forecast by leading commodities analyst CRU to average about $2,000 per tonne during Q3 of 2017. Reports have indicated that 30 per cent of aluminium smelting capacity and 50 per cent of alumina refining capacity may be cut in Henan, Shandong, and Shanxi provinces of China if environmental measures