Shanghai Metals Market
LME aluminum should move between USD 1,970-2,010/mt on 27th Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Market risk appetite grew overnight as there was a good chance that the euro zone finance ministers would reach an agreement on approving Greece’s request for another round of bailout funds. As a result, LME aluminum jumped to a high of USD 2,000/mt during the European session before finally ending the day up USD 15/mt or 0.76% at USD 1,994.5/mt. Latest LME aluminum inventories were down 325 mt to 5,177,100 mt.
Greece finally obtained another round of bailout funds, but renewed worries over the US fiscal cliff and European debt crisis will cap the gains of aluminum prices. LME aluminum should test resistance at USD 2,000/mt and move between USD 1,970-2,010/mt on Tuesday. The SHFE 1301 aluminum contract is expected to open higher at RMB 15,350/mt, with prices between RMB 15,300-15,375/mt. Buying interest should diminish at the month’s end and cargo holders will remain active in moving goods, so spot discounts are expected between RMB 50-90/mt and overall trading will be light.
Greece finally obtained another round of bailout funds, but renewed worries over the US fiscal cliff and European debt crisis will cap the gains of aluminum prices. LME aluminum should test resistance at USD 2,000/mt and move between USD 1,970-2,010/mt on Tuesday. The SHFE 1301 aluminum contract is expected to open higher at RMB 15,350/mt, with prices between RMB 15,300-15,375/mt. Buying interest should diminish at the month’s end and cargo holders will remain active in moving goods, so spot discounts are expected between RMB 50-90/mt and overall trading will be light.
Previous article
Qatalum wraps up ARABAL 2012 successfully in Doha, Qatar
Next articleHydro-Quebec Q3 profits drop on electricity contracts with aluminum producers
Grow with
AL Circle
