Shanghai Metals Market
LME aluminum closed up USD 1.3/mt or 0.06% on Tuesday: SMM Morning Review
Edited by : AL CIRCLE
1 min read
LME aluminum closed up USD 1.3/mt or 0.06% on Tuesday, with transactions plunging 29,400 lots, after surrendering most gains following release of mixed US housing data. The light metal previously hit USD 2,105/mt supported by falling Spanish debt yields and strong annual reports from US businesses.
As the bearish market sentiment eases, LME aluminum may be able to consolidate at the 5-day moving average today as it moves between USD 2,075-2,125/mt. The most active SHFE aluminum contract for July delivery is expected to hover between RMB 16,060-16,120/mt as it gathers momentum to break through the RMB 16,100/mt mark. Spot aluminum will continue to trade at discounts of RMB 30/mt to premiums of RMB 10/mt over the current-month aluminum contract in the face of weak demand and low willingness to lower quotations. Traded volume will stay light consequently.
As the bearish market sentiment eases, LME aluminum may be able to consolidate at the 5-day moving average today as it moves between USD 2,075-2,125/mt. The most active SHFE aluminum contract for July delivery is expected to hover between RMB 16,060-16,120/mt as it gathers momentum to break through the RMB 16,100/mt mark. Spot aluminum will continue to trade at discounts of RMB 30/mt to premiums of RMB 10/mt over the current-month aluminum contract in the face of weak demand and low willingness to lower quotations. Traded volume will stay light consequently.
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