03 JULY 2012Shanghai Metals Market
LME aluminum settled down USD 5.3/mt or 0.27% at USD 1,909.8/mt: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Contractions of manufacturing data were reported across China, the US and Europe on Monday, (Euro zone and US data have fallen to their three-year lows in this regard), rekindling investor worries. At the moment investors are waiting for a direction from the coming ECB interest resolution and the US June non-farm payroll data. LME aluminum struggled at USD 1,905/mt during overnight cautious trading, before settling down USD 5.3/mt or 0.27% at USD 1,909.8/mt. Latest LME aluminum stocks were down 11,275 mt at 4,822,650 mt.
As investors await the ECB interest rate resolution, aluminum prices should stay within narrow ranges today. LME aluminum is expected to fluctuate between USD 1,880-1,920/mt and the most active SHFE October aluminum contract between RMB 15,400-15,500/mt as the latter tests resistance at RMB 15,500/mt. Sluggish demand and increasing stocks will inhibit a rebound in spot aluminum prices, which should see discounts of RMB 0-40/mt over the current-month SHFE aluminum price. Trading will stay light.
As investors await the ECB interest rate resolution, aluminum prices should stay within narrow ranges today. LME aluminum is expected to fluctuate between USD 1,880-1,920/mt and the most active SHFE October aluminum contract between RMB 15,400-15,500/mt as the latter tests resistance at RMB 15,500/mt. Sluggish demand and increasing stocks will inhibit a rebound in spot aluminum prices, which should see discounts of RMB 0-40/mt over the current-month SHFE aluminum price. Trading will stay light.
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