Shanghai Metals Market
LME aluminum closed down USD 12/mt or 0.6% at USD 1,974/mt: SMM Moring Review
Edited by : AL CIRCLE
1 min read
Spain’s EUR 100 billion aids ignited bullishness in the market, but as practical measures are absent, pessimism is waning, pushing up the US dollar index and eroding gains of commodities. LME aluminum hit a high of USD 2,002/mt and closed down USD 12/mt or 0.6% at USD 1,974/mt. Latest LME aluminum stocks were down 4,000 mt to 4,860,200 mt.
The European debt crisis will keep aluminum prices low. LME aluminum is not likely to reach the 10-day moving average and will move between USD 1,960-1,990/mt. The most active SHFE aluminum contract for September delivery should be pressured at RMB 15,900/mt and hover between RMB 15,850-15,925/mt. Spot discounts and premiums should both stay within RMB 20/mt. Downstream will continue to purchase as-needed. Supply is sufficient and traders will actively lower quotations. But trading will remain light.
The European debt crisis will keep aluminum prices low. LME aluminum is not likely to reach the 10-day moving average and will move between USD 1,960-1,990/mt. The most active SHFE aluminum contract for September delivery should be pressured at RMB 15,900/mt and hover between RMB 15,850-15,925/mt. Spot discounts and premiums should both stay within RMB 20/mt. Downstream will continue to purchase as-needed. Supply is sufficient and traders will actively lower quotations. But trading will remain light.
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