13 MARCH 2013Investasi.kontan.co.id
Aluminum prices depressed economic data
Edited by : AL CIRCLE
2 min read
Aluminum prices depressed. China's industrial production data were disappointing, raising fears the market would demand for industrial metals, including aluminum will remain weak.
Price of aluminum for three-month delivery on the London Metal Exchange (LME), Monday (11/3), fell 0.69% to U.S. $ 1,951.50 per tonne compared to the price the day before. Within a week, the price of aluminum has been corrected by 1.09%.
The Chinese government released data industrial production rose to 9.9% in January and February. This is lower than the estimate of economists survey reached 10.60%. Other data calls, retail sales growth in China also slowed and new yuan-denominated loans decreased in the month of February 2013.
Furthermore, economic data in Europe also less encouraging. French industrial production fell at the beginning of the year. This is because the country's economy with the second largest economy in Europe is still on the brink of recession for the third time in four years. FitchRatings also cut Italy's sovereign debt rating by one level last weekend.
"The price of metal has not changed much because of the economic uncertainty in China this year. Meanwhile, the European economy is still weak," said Pengjiang Fu, Director of Commodity Trading Asia at Newedge Group SA, told Bloomberg.
Ibrahim, a senior analyst at Harvest International Futures, see, technically aluminum prices will rise still likely limited. Indicator moving average (MA) 75% and 80% respectively over the Bollinger 11. Stochastic indicator is 70% positive leads. Meanwhile, the moving average convergence divergence (MACD) is still wait and see. Prediction Ibrahim, aluminum prices will move in the week at U.S. $ 1,938-US $ 1,990 per ton.
Price of aluminum for three-month delivery on the London Metal Exchange (LME), Monday (11/3), fell 0.69% to U.S. $ 1,951.50 per tonne compared to the price the day before. Within a week, the price of aluminum has been corrected by 1.09%.
The Chinese government released data industrial production rose to 9.9% in January and February. This is lower than the estimate of economists survey reached 10.60%. Other data calls, retail sales growth in China also slowed and new yuan-denominated loans decreased in the month of February 2013.
Furthermore, economic data in Europe also less encouraging. French industrial production fell at the beginning of the year. This is because the country's economy with the second largest economy in Europe is still on the brink of recession for the third time in four years. FitchRatings also cut Italy's sovereign debt rating by one level last weekend.
"The price of metal has not changed much because of the economic uncertainty in China this year. Meanwhile, the European economy is still weak," said Pengjiang Fu, Director of Commodity Trading Asia at Newedge Group SA, told Bloomberg.
Ibrahim, a senior analyst at Harvest International Futures, see, technically aluminum prices will rise still likely limited. Indicator moving average (MA) 75% and 80% respectively over the Bollinger 11. Stochastic indicator is 70% positive leads. Meanwhile, the moving average convergence divergence (MACD) is still wait and see. Prediction Ibrahim, aluminum prices will move in the week at U.S. $ 1,938-US $ 1,990 per ton.
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