Shanghai Metals Market
LME aluminum should move between USD 1,900-1,930/mt on 6th Nov : SMM Morning Review
Edited by : AL CIRCLE
1 min read
Wait-and-see sentiment dominated the market ahead of the final result of the US presidential election. Greece is conducting another round of expenditure cuts to guarantee next batch of bailout fund. Greece is slipping to the verge of default, causing market risk aversion to grow and pushing the US dollar index up. In response, LME aluminum lost support at the 5-day moving average and stagnated near USD 1,910/mt during the European session. LME aluminum had no upward momentum as trading volumes contracted considerably. Finally, LME aluminum closed USD 14.8/mt or 0.77% lower at USD 1,911/mt, the weakest among base metals. Latest LME aluminum inventories were down 5,675 mt to 5,079,375 mt.
Aluminum prices will be traded within the negative territory as longs and shorts have exited the market prior to the final result of the US presidential election. LME aluminum should move between USD 1,900-1,930/mt on Tuesday. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,290/mt on Tuesday, with prices between RMB 15,240-15,340/mt. Spot discounts are expected between RMB 50-90/mt as supply exceeds demand and overall trading will be limited.
Aluminum prices will be traded within the negative territory as longs and shorts have exited the market prior to the final result of the US presidential election. LME aluminum should move between USD 1,900-1,930/mt on Tuesday. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,290/mt on Tuesday, with prices between RMB 15,240-15,340/mt. Spot discounts are expected between RMB 50-90/mt as supply exceeds demand and overall trading will be limited.
Previous article
LME aluminium targets $1,905
Next articleVenezuela's aluminum industry operates at 29% of capacity
Grow with
AL Circle
