Shanghai Metal Market
LME aluminum should fluctuate between USD 2,100-2,150/mt on 4th Feb: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The January manufacturing PMI from Europe and the US rose and beat forecasts, boosting market confidence on economic recovery. The January nonfarm payrolls in the US were disappointing, with the unemployment rate rising slightly, which provides support for the US Federal Reserve to continue its easing policies, though. In this context, LME aluminum found its high at USD 2,136.8/mt. Trading volumes contracted, but total positions were up 7,552 lots. Finally, LME aluminum closed at USD 2,124.5/mt, up 1.36%. Latest LME aluminum inventories decreased 1,675 mt to 5,155,300 mt.
Positive economic figures will help aluminum prices extend gains. LME aluminum should hold steady USD 2,100/mt and fluctuate in the band of USD 2,100-2,150/mt on Monday. The SHFE 1304 aluminum contract is expected to open higher at RMB 15,260/mt, with prices between RMB 15,220-15,300/mt. Trading activities in spot aluminum markets will be muted as Chinese New Year is only a few days away, with spot discounts expected between RMB 60-100/mt.
Positive economic figures will help aluminum prices extend gains. LME aluminum should hold steady USD 2,100/mt and fluctuate in the band of USD 2,100-2,150/mt on Monday. The SHFE 1304 aluminum contract is expected to open higher at RMB 15,260/mt, with prices between RMB 15,220-15,300/mt. Trading activities in spot aluminum markets will be muted as Chinese New Year is only a few days away, with spot discounts expected between RMB 60-100/mt.
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