Shanghai Metals Market
LME aluminum should move between USD 1,930-1,950/mt on 23rd Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
HSBC flash China manufacturing PMI jumped to 50.4 in November, a 13-month high. However, investors remained wary of buying at higher prices. Thin trading was reported in LME market during the European session as the US stock markets were closed for the Thanksgiving Day. The decline of the US dollar index lent some support to commodities, despite the weak manufacturing PMI in the euro zone for November. LME aluminum hovered between the 20-day and 30-day moving average. Trading volumes contracted by half, preventing LME aluminum from breaking through USD 1,950/mt. Finally, LME aluminum ended the day up USD 9.3/mt or 0.48% at USD 1,945/mt. Latest LME aluminum inventories decreased by 7,075 mt to 5,159,425 mt.
Aluminum prices will be trapped within a tight range. LME aluminum should meet stagnate at USD 1,940/mt and move between USD 1,930-1,950/mt on Friday. The SHFE 1301 aluminum contract is expected to open at RMB 15,270/mt, with prices between RMB 15,220-15,320/mt. Supply of low-priced goods should be ample and stock replenishment by downstream producers will increase slightly. Spot discounts are expected between RMB 50-90/mt and trading will improve mildly.
Aluminum prices will be trapped within a tight range. LME aluminum should meet stagnate at USD 1,940/mt and move between USD 1,930-1,950/mt on Friday. The SHFE 1301 aluminum contract is expected to open at RMB 15,270/mt, with prices between RMB 15,220-15,320/mt. Supply of low-priced goods should be ample and stock replenishment by downstream producers will increase slightly. Spot discounts are expected between RMB 50-90/mt and trading will improve mildly.
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