10 JULY 2012Shanghai Metals Market
LME aluminum lost USD 44.3/mt to close at USD 1,900/mt : SMM Morning Review
Edited by : AL CIRCLE
1 min read
LME aluminum lost a heavy USD 44.3/mt or 2.28% to USD 1,900/mt on Friday, though recovering a little from the intraday low of USD 1,894/mt, as less-than-expected increases in non-farm payrolls in the United States in June pushed up risk aversion to induce short selling. Positions for the light metal surged 10,393 lots, mostly short positions, to 717,702 lots. Latest LME aluminum stocks were up 9,200 mt at 4,818,725 mt.
China will deliver its June economic data today, so trading should be cautious, but also slightly bearish today. LME aluminum should meet heavier pressure at USD 1,900/mt and move between USD 1,845-1,905/mt. The most active SHFE aluminum contract for October delivery should open lower near RMB 15,540/mt and test support at RMB 15,500/mt as it moves between RMB 15,500-15,620/mt. Spot aluminum prices will have discounts of RMB 20-60/mt over current-month SHFE aluminum prices as high selling interest meets weak demand. Deals will remain limited.
China will deliver its June economic data today, so trading should be cautious, but also slightly bearish today. LME aluminum should meet heavier pressure at USD 1,900/mt and move between USD 1,845-1,905/mt. The most active SHFE aluminum contract for October delivery should open lower near RMB 15,540/mt and test support at RMB 15,500/mt as it moves between RMB 15,500-15,620/mt. Spot aluminum prices will have discounts of RMB 20-60/mt over current-month SHFE aluminum prices as high selling interest meets weak demand. Deals will remain limited.
Previous article
MetalMiner’s Daily and weekly Aluminum Price Update
Next articleNalco plans to venture into power sector
Grow with
AL Circle
