08 JANUARY 2014www.commodityonline.com
Analyst expects mixed trend on LME aluminum
Edited by : AL CIRCLE
1 min read
Aluminum stocks tracked by the LME have increased by 116,750 MT as per the latest available quote at the LME warehouses.
--Aluminum ended yesterday’s trading session marginally higher by 0.5% at the LME platform, recovering smartly from its intraday low to close at $1782/MT .
--The aluminum inventories have marginally declined by 4350 MT in yesterday’s trading session. However, aluminum inventories have been continuously rising since the last two months. Aluminum stocks tracked by the LME have increased by 116,750 MT as per the latest available quote at the LME warehouses.
--During the day, we hold a ranged view on aluminum as the commodity might take positive cues from the factory orders data and the increase in the premium of the metal from $13.75/lb to $14.75/lb. However, the metal might face negative pressure from the fact that the Fed might accelerate the pace of its tapering on the back of a positive batch of economic readings, which might strengthen the dollar.
--Aluminum ended yesterday’s trading session marginally higher by 0.5% at the LME platform, recovering smartly from its intraday low to close at $1782/MT .
--The aluminum inventories have marginally declined by 4350 MT in yesterday’s trading session. However, aluminum inventories have been continuously rising since the last two months. Aluminum stocks tracked by the LME have increased by 116,750 MT as per the latest available quote at the LME warehouses.
--During the day, we hold a ranged view on aluminum as the commodity might take positive cues from the factory orders data and the increase in the premium of the metal from $13.75/lb to $14.75/lb. However, the metal might face negative pressure from the fact that the Fed might accelerate the pace of its tapering on the back of a positive batch of economic readings, which might strengthen the dollar.
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