Shanghai Metals Market
LME aluminum should move between USD 1,930-1,970/mt on 19th Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The US industrial production slid by 0.4% in October from last month, falling short of expectations. Along with the fiscal cliff in the US, LME aluminum sank to a low of USD 1,930/mt during the European session. Later, President Obama held talks with the Republican and Democratic Party and reached an initial agreement to increase tax and cut spending, easing market worries and helping LME aluminum regain some losses at the tail of trading. Finally, LME aluminum closed USD 7.5/mt or 0.38% lower at USD 1,953.8/mt. Latest LME aluminum inventories increased by 18,325 mt to 5,105,425 mt.
Market will be cautious on Monday. LME aluminum should struggle at USD 1,950/mt and move between USD 1,930-1,970/mt. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,355/mt, with prices between RMB 15,300-15,400/mt. Spot discounts should be RMB 90-130/mt as wait-and-see sentiment will dominate the market and overall trading will be light.
Market will be cautious on Monday. LME aluminum should struggle at USD 1,950/mt and move between USD 1,930-1,970/mt. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,355/mt, with prices between RMB 15,300-15,400/mt. Spot discounts should be RMB 90-130/mt as wait-and-see sentiment will dominate the market and overall trading will be light.
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