27 APRIL 2016AlCircle.com
LME aluminium likely to find support around moving average, SMM says
Edited by : AL CIRCLE
1 min read
Aluminium at London Metal Exchange will move at USD 1,530-1,550/mt today struggling around the 5-day moving average, Shanghai Metals Market foresees.
SHFE 1606 aluminium will move at RMB 12,750-12,900/mt, testing support at the 5-day moving average.
Spot discounts of RMB 0-40/mt in China's spot aluminium market are expected over SHFE 1605 aluminium contract.
A survey by SMM indicated that base metal in most likelihood would get support from positive China data. Market sentiment in base metal market is expected to improve on Wednesday.
“Rising oil price failed to boost Shanghai price in night trading compared with LME market, mainly because of weakening ferrous metals market, and if results of China’s data due for release today are positive, market sentiment will get a lift, but not much rising room is in sight,” SMM says.
Based on forecasts for most actively-traded contracts on each market, indicator for aluminium prices for Wednesday stands at 12,750-12,900 yuan per tonne.
SHFE 1606 aluminium will move at RMB 12,750-12,900/mt, testing support at the 5-day moving average.
Spot discounts of RMB 0-40/mt in China's spot aluminium market are expected over SHFE 1605 aluminium contract.
A survey by SMM indicated that base metal in most likelihood would get support from positive China data. Market sentiment in base metal market is expected to improve on Wednesday.
“Rising oil price failed to boost Shanghai price in night trading compared with LME market, mainly because of weakening ferrous metals market, and if results of China’s data due for release today are positive, market sentiment will get a lift, but not much rising room is in sight,” SMM says.
Based on forecasts for most actively-traded contracts on each market, indicator for aluminium prices for Wednesday stands at 12,750-12,900 yuan per tonne.
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