Shanghai Metals Market
LME Aluminum Closed Down USD 36/Mt Or 1.71% at USD 2,070/Mt Last Week: SMM Review
Edited by : AL CIRCLE
1 min read
LME aluminum closed down USD 36/mt or 1.71% at USD 2,070/mt last Friday as weaker-than-expected Chinese GDP data and rebounding Spanish debt yields strengthened risk aversion and helped the US dollar index return above the 80 mark. The light metal hit a low of USD 2,061/mt and recovered a little bit with some bargain-hunting.
With buying support at low-end prices, SMM expects LME aluminum to test resistance at USD 2,100/mt and move between USD 2,050-2,095/mt during today’s trading. The most active SHFE aluminum contract for July delivery is expected to gap lower and hover between RMB 16,050-16,120/mt. Spot aluminum is expected to trade at premiums of RMB 0-30/mt over the current-month SHFE aluminum price this last trading day before delivery of the later. Some spot buyers will enter the futures market which will in return contribute some support for the current-month contract.
With buying support at low-end prices, SMM expects LME aluminum to test resistance at USD 2,100/mt and move between USD 2,050-2,095/mt during today’s trading. The most active SHFE aluminum contract for July delivery is expected to gap lower and hover between RMB 16,050-16,120/mt. Spot aluminum is expected to trade at premiums of RMB 0-30/mt over the current-month SHFE aluminum price this last trading day before delivery of the later. Some spot buyers will enter the futures market which will in return contribute some support for the current-month contract.
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