Shanghai Metals Market
LME aluminum closed down USD 10/mt or 0.48% at USD 2,086/mt on Thursday: SMM Morning Review
Edited by : AL CIRCLE
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LME aluminum closed down USD 10/mt or 0.48% at USD 2,086/mt on Thursday as worries towards European economies stay after ECB’s decision to maintain low interest rates and following release of a worse-than-expected US ISM non-manufacturing data for April.
As investors wait for a direction from the US non-farm payroll data today, LME aluminum should hover between USD 2,075/mt and USD 2,095/mt. The most active SHFE aluminum contract for August delivery is expected to move between RMB 16,290 and 16,365 per ton as it tests support at the 30-day moving average. Continually climbing spot prices following the May break should trigger more stock replenishments ahead of the weekend. Most deals will be done at discounts over the current-month SHFE aluminum price, however, due to supply excessiveness. The trading band should be between RMB 30/mt down and RMB 10/mt up of the current-month SHFE price.
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