Shanghai Metals Market
LME aluminum closed down USD 21/mt at USD 2,096/mt on Wednesday: SMM Morning Review
Edited by : AL CIRCLE
1 min read
LME aluminum closed down USD 21/mt or 0.99% at USD 2,096/mt on Wednesday, after Europe delivered disappointing manufacturing and employment data and the US disclosed a rapid decline in private employments to push the US dollar index above 79.
SMM expects aluminum prices to dip slightly as shorts expand. LME aluminum is expected to struggle at USD 2,100/mt and move between USD 2,085-2,115/mt. The most active SHFE aluminum contract may see a shift to August today and should move narrowly between RMB 16,170-16,270/mt. Spot discounts over the current-month SHFE aluminum contract should stabilize as the latter slides. Weak buying, however, will curb the space for premiums. Deals will be limited while supply is sufficient.
SMM expects aluminum prices to dip slightly as shorts expand. LME aluminum is expected to struggle at USD 2,100/mt and move between USD 2,085-2,115/mt. The most active SHFE aluminum contract may see a shift to August today and should move narrowly between RMB 16,170-16,270/mt. Spot discounts over the current-month SHFE aluminum contract should stabilize as the latter slides. Weak buying, however, will curb the space for premiums. Deals will be limited while supply is sufficient.
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