Shanghai Metals Market
LME aluminum should move between USD 1,940-1,990/mt on 14th Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Greece raised 4.062 billion euros in short-term bond sale, helping the euro stabilize at the lower end. Still, the debt crisis in Greece tends to deteriorate, capping gains of commodities overnight. LME aluminum was weak in early European session, but touched a high of USD 1,989/mt as positive news from Greece forced shorts to exit the market. Finally, LME aluminum closed USD 8.5/mt or 0.43% higher at USD 1,978.5/mt. Latest LME aluminum inventories decreased by 4,175 mt 5,101,625 mt.
Aluminum prices will be trapped within a tight range as investors were wary of buying at higher prices. LME aluminum should test support at the 20-day moving average and move between USD 1,940-1,990/mt on Wednesday. The SHFE 1301 aluminum contract is expected to open at RMB 15,310/mt on Wednesday, with prices between RMB 15,240-15,360/mt. Spot discounts are expected to narrow to RMB 10-50/mt as the 1211 aluminum contract will become the current-month contract two days later.
Aluminum prices will be trapped within a tight range as investors were wary of buying at higher prices. LME aluminum should test support at the 20-day moving average and move between USD 1,940-1,990/mt on Wednesday. The SHFE 1301 aluminum contract is expected to open at RMB 15,310/mt on Wednesday, with prices between RMB 15,240-15,360/mt. Spot discounts are expected to narrow to RMB 10-50/mt as the 1211 aluminum contract will become the current-month contract two days later.
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