Shanghai Metals Market
LME aluminum should fluctuate between USD 2,050-2,080/mt on 31st dec: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Both the November existing home sales in the US and December Chicago manufacturing PMI released last Friday beat forecasts, but market focus was on the fiscal cliff talks restarted on December 30. The US dollar index staged a strong rebound and approached 80 as investors tried to avoid risks, weighing down commodity prices. LME aluminum found its low at USD 2,058/mt and dropped to near the 30-day moving average during the European session. Despite the decline of the US dollar index at the tail of trading, LME aluminum still failed to rebound. Finally, LME aluminum closed at USD 2,060/mt, down USD 20.5/mt or 0.99%. Latest LME aluminum inventories decreased 5,625 mt to 5,216,675 mt.
Trading activity will turn increasingly quiet on the last trading day of 2012. LME aluminum should meet resistance at USD 2,080/mt and fluctuate in the band of USD 2,050-2,080/mt on Monday. The SHFE 1303 aluminum contract is expected to open lower at RMB 15,300/mt, with prices between RMB 15,250-15,350/mt. Transactions will be subdued in spot aluminum market, with spot discounts expected between RMB 50-90/mt.
Trading activity will turn increasingly quiet on the last trading day of 2012. LME aluminum should meet resistance at USD 2,080/mt and fluctuate in the band of USD 2,050-2,080/mt on Monday. The SHFE 1303 aluminum contract is expected to open lower at RMB 15,300/mt, with prices between RMB 15,250-15,350/mt. Transactions will be subdued in spot aluminum market, with spot discounts expected between RMB 50-90/mt.
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