Shanghai Metals Market
LME aluminum should move between USD 1,950-1,980/mt on 21st Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Moody’s downgraded France’s sovereign debt rating on Tuesday, offsetting optimism brought by the upbeat existing home sales in the US. The EU finance ministers meeting was discussing Greece’s application for 15 billion euros worth of bailout funds during the European session, turning investors cautious. LME aluminum proved resilient to declines compared with other base metals and held steady above USD 1,970/mt. However, LME aluminum inventories broke through 5.17 million mt to hit a fresh record high, so longs liquidated positions at the tail of trading, causing LME aluminum to expand losses. Total positions decreased sharply by 22,643 lots. Finally, LME aluminum ended the day down USD 20.8/mt or 1.05% at USD 1,956.5/mt. Latest LME aluminum inventories surged by 65,200 mt to 5,172,500 mt.
Market will stay cautious ahead of the final decision of the EU finance ministers meeting. LME aluminum should continue to test support at USD 1,950/mt and move between USD 1,950-1,980/mt on Wednesday. The SHFE 1301 aluminum contract is expected to open at RMB 15,350/mt, with prices between RMB 15,270-15,370/mt. Spot discounts should be between RMB 70-110/mt due to ample supply against sluggish consumption and overall trading will be light.
Market will stay cautious ahead of the final decision of the EU finance ministers meeting. LME aluminum should continue to test support at USD 1,950/mt and move between USD 1,950-1,980/mt on Wednesday. The SHFE 1301 aluminum contract is expected to open at RMB 15,350/mt, with prices between RMB 15,270-15,370/mt. Spot discounts should be between RMB 70-110/mt due to ample supply against sluggish consumption and overall trading will be light.
Previous article
German Jan/Sept aluminium output falls 1.5% on year
Next article3-Month Price of Aluminum Falls 1.7 pct
Grow with
AL Circle
