Shanghai Metals Market
LME aluminum above the 10-day moving average to USD 2,126/mt today-SMM Morning Review
Edited by : AL CIRCLE
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The successful bond auction by Italy and Fed’s consideration of QE3 as disclosed by New York Fed President had sent LME aluminum above the 10-day moving average to USD 2,126/mt on Thursday. Sell-off at higher prices had eroded most of these gains, however, with the light metal settling up only USD 8/mt or 0.38% at USD 2,106/mt and recording the weakest performance among base metals.
Today’s market focus will be whether the drop in Chinese GDP growth will exceed expectations. LME aluminum is expected test support at USD 2,100/mt and move between USD 2,095-2,140/mt during today’s trading. The most active SHFE aluminum contract for July delivery is expected to hover between RMB 16,150-16,230/mt. Whether it can consolidate above the RMB 16,200/mt mark has yet to be determined by the GDP data. Spot aluminum is expected to continue trading at discounts of RMB 10/mt to premiums of RMB 30/mt as the delivery date nears and amid weak demand and sufficient supply.
Today’s market focus will be whether the drop in Chinese GDP growth will exceed expectations. LME aluminum is expected test support at USD 2,100/mt and move between USD 2,095-2,140/mt during today’s trading. The most active SHFE aluminum contract for July delivery is expected to hover between RMB 16,150-16,230/mt. Whether it can consolidate above the RMB 16,200/mt mark has yet to be determined by the GDP data. Spot aluminum is expected to continue trading at discounts of RMB 10/mt to premiums of RMB 30/mt as the delivery date nears and amid weak demand and sufficient supply.
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