Shanghai Metals Market
Aluminiuml slipped low to USD 2,037.8/mt: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Both positions and transactions of LME aluminum added overnight as French and Greek elections stir worries towards implementation of austerity measures in Europe. The light metal slipped to USD 2,037.8/mt, a new low since January 6, before paring losses to USD 19/mt or 0.92% settling at USD 2,056/mt.
The bearish market sentiment will force longs to close their positions. Aluminum is expected to weaken further today. LME aluminum will be pressured at the 5-day moving average and move between USD 2,030-2,070/mt. The most active SHFE aluminum contract is expected to open near RMB 16,200/mt and hover between RMB 16,160-16,230/mt as pressure mounts at the 10-day moving average. Some traders will actively move goods as prices fall, maintaining slight discounts. Spot aluminum is expected to trade at discounts of RMB 20/mt to premiums of RMB 10/mt over the current-month SHFE aluminum prices. Support at RMB 16,100/mt still exists.
The bearish market sentiment will force longs to close their positions. Aluminum is expected to weaken further today. LME aluminum will be pressured at the 5-day moving average and move between USD 2,030-2,070/mt. The most active SHFE aluminum contract is expected to open near RMB 16,200/mt and hover between RMB 16,160-16,230/mt as pressure mounts at the 10-day moving average. Some traders will actively move goods as prices fall, maintaining slight discounts. Spot aluminum is expected to trade at discounts of RMB 20/mt to premiums of RMB 10/mt over the current-month SHFE aluminum prices. Support at RMB 16,100/mt still exists.
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