Shanghai Metals Market
LME aluminum should move between USD 1,900-1,930/mt on 9th Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Investors are expecting more economic stimulus measures from the 18th CPC National Congress opened yesterday, helping ease concerns over the US fiscal cliff and European debt crisis. The US dollar index climbed to 81 during the European session, but LME aluminum was resilient to declines and only dipped to a low of USD 1,910/mt. LME aluminum regained losses seen in the session before finally closing USD 7/mt or 0.36% higher at USD 1,925/mt. Latest LME aluminum inventories increased by 1,900 mt to 5,086,325 mt.
Aluminum prices will be mired due to a firm US dollar. LME aluminum should struggle at USD 1,920/mt and move between USD 1,900-1,930/mt on Friday. The SHFE 1301 aluminum contract is expected to open at RMB 15,280/mt on Friday, with prices between RMB 15,260-15,330/mt. Spot discounts are expected between RMB 20-60/mt since limited downstream restocking will depress consumption.
Aluminum prices will be mired due to a firm US dollar. LME aluminum should struggle at USD 1,920/mt and move between USD 1,900-1,930/mt on Friday. The SHFE 1301 aluminum contract is expected to open at RMB 15,280/mt on Friday, with prices between RMB 15,260-15,330/mt. Spot discounts are expected between RMB 20-60/mt since limited downstream restocking will depress consumption.
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