29 AUGUST 2012Shanghai Metals Market
LME aluminum should move between USD 1,900-1,925/mt on 29th August: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Markets are eyeing Federal Reserve Chairman Bernanke’s speech due this Friday, which may signal QE3. However, mixed data of the US overnight casted doubt on whether easing policies can be introduced. Investors are awaiting bond-buying measures from ECB’s policy meeting due on September 6 to ease borrowing pressure. During the European trading session, LME aluminum regained some losses seen during Asian session. However, trading volumes and positions shrank as investors stayed guarded, capping rising momentum of LME aluminum. Finally, LME ended the day down USD 12/mt or 0.63% at USD 1,907.5/mt. Latest LME aluminum inventories were down 10,650 mt to 4,893,375 mt.
Aluminum prices will fluctuate due to the strong wait-and-see mood. LME aluminum should test support at USD 1,900/mt and move between USD 1,900-1,925/mt on Wednesday. SHFE 1211 aluminum contract is expected to open at RMB 15,380/mt on Wednesday and struggle at RMB 15,400/mt, with prices between RMB 15,350-15,450/mt. Spot discounts are expected between RMB 80-50/mt as consumption will be sluggish at the month’s end and as supply of low-pried goods should be sufficient. Overall trading is expected to stay light.
Aluminum prices will fluctuate due to the strong wait-and-see mood. LME aluminum should test support at USD 1,900/mt and move between USD 1,900-1,925/mt on Wednesday. SHFE 1211 aluminum contract is expected to open at RMB 15,380/mt on Wednesday and struggle at RMB 15,400/mt, with prices between RMB 15,350-15,450/mt. Spot discounts are expected between RMB 80-50/mt as consumption will be sluggish at the month’s end and as supply of low-pried goods should be sufficient. Overall trading is expected to stay light.
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