Shanghai Metals Market
LME aluminum closed down USD 2.5/mt or 0.12% at USD 2,117/mt on Tuesday: SMM Morning Review
Edited by : AL CIRCLE
1 min read
LME aluminum closed down USD 2.5/mt or 0.12% at USD 2,117/mt on Tuesday, as worries towards the European debt crisis reignited by downgrades on most Spanish banks overshadowed stronger expectations for Fed easing following release of mixed US economic data. The light metal only hit USD 2,133.8/mt.
Investors should wait for the final HSBC China PMI today standing on the sidelines. LME aluminum is expected to test support at the 5-day moving average and move between USD 2,110-2,140/mt. The most active SHFE aluminum contract for July delivery is expected to struggle near the 30-day moving average and hover between RMB 16,175-16,250/mt. Spot aluminum is expected to trade at discounts of RMB 20/mt to premiums of RMB 20/mt over the current-month SHFE aluminum contract. Trading will stay light as post-holiday stock replenishments are limited given weak demand. Goods holders are expected to stand on the sidelines.
Investors should wait for the final HSBC China PMI today standing on the sidelines. LME aluminum is expected to test support at the 5-day moving average and move between USD 2,110-2,140/mt. The most active SHFE aluminum contract for July delivery is expected to struggle near the 30-day moving average and hover between RMB 16,175-16,250/mt. Spot aluminum is expected to trade at discounts of RMB 20/mt to premiums of RMB 20/mt over the current-month SHFE aluminum contract. Trading will stay light as post-holiday stock replenishments are limited given weak demand. Goods holders are expected to stand on the sidelines.
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