Shanghai Metals Market
LME aluminum should move between USD 1,980-2,010/mt on 29th Nov: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Slow progress over the budget negotiations in the US and the decline of October new home sales released by the US Commerce Department overnight triggered concerns over the debt crisis in the euro zone and US. Investors turned to the safety of the US dollar as a result, curbing the upward momentum of commodities. LME aluminum failed to reach USD 2,000/mt before finally closing at USD 1,999/mt, down USD 7/mt or 0.35%. Latest LME aluminum inventories were up 3,750 mt to 5,178,250 mt, a fresh record high.
Worries over the debt crisis in the US and euro zone will weigh on aluminum prices. LME aluminum should continue to struggle at USD 2,000/mt and move between USD 1,980-2,010/mt on Thursday. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,310/mt, with prices between RMB 15,250-15,350/mt. Supply will be ample, but downstream purchase should be limited due to tight liquidity at the month’s end. As such, spot discounts are expected between RMB 60-100/mt.
Worries over the debt crisis in the US and euro zone will weigh on aluminum prices. LME aluminum should continue to struggle at USD 2,000/mt and move between USD 1,980-2,010/mt on Thursday. The SHFE 1301 aluminum contract is expected to open lower at RMB 15,310/mt, with prices between RMB 15,250-15,350/mt. Supply will be ample, but downstream purchase should be limited due to tight liquidity at the month’s end. As such, spot discounts are expected between RMB 60-100/mt.
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