Shanghai Metals Market
LME aluminum should move between USD 2,060-2,100/mt on 19th Dec: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Most investors in Europe and the US are exiting the market as the Christmas Day draws near. As a result, positions of LME aluminum decreased as much as 32,592 lots. Investors are staying cautious before agreement is reached over the budget negotiations in the US. In response, LME aluminum retreated from USD 2,100/mt again to a low of USD 2,088/mt during the European session. Later, LME aluminum rebounded due to positive NAHB housing market index for December, but gains were limited as LME aluminum inventories approached 5.24 million mt. Finally, LME aluminum closed USD 9/mt or 0.43% lower at USD 2,099/mt. Latest LME aluminum inventories surged 36,050 mt to 5,238,450 mt.
Aluminum prices will extend losses due to short selling. LME aluminum should meet resistance at USD 2,100/mt and fluctuate in the band of USD 2,060-2,100/mt on Wednesday. The SHFE 1303 aluminum contract is expected to open at RMB 15,340/mt, with prices between RMB 15,285-15,385/mt. Cargo holders will hold offers less firm due to market oversupply. Spot discounts are expected between RMB 70-110/mt and overall trading will be modest.
Aluminum prices will extend losses due to short selling. LME aluminum should meet resistance at USD 2,100/mt and fluctuate in the band of USD 2,060-2,100/mt on Wednesday. The SHFE 1303 aluminum contract is expected to open at RMB 15,340/mt, with prices between RMB 15,285-15,385/mt. Cargo holders will hold offers less firm due to market oversupply. Spot discounts are expected between RMB 70-110/mt and overall trading will be modest.
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