Shanghai Metals Market
LME aluminum should move between USD 2,060-2,100/mt on 28th Dec: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Expectations for the rebound of the Chinese economy helped LME aluminum jumped to a high of USD 2,108/mt during early European session. However, economic data in the US released later was mixed. Worries over the fiscal cliff talks and the sharp decline of US Consumer Confidence Index for December caused LME aluminum to give back earlier gains. Finally, LME aluminum closed USD 1.8/mt or 0.08% higher at USD 2,080.5/mt. Latest LME aluminum inventories decreased 9,825 mt to 5,222,300 mt.
Aluminum will trade in a tight range due to thin trading activity ahead of the New Year holiday. LME aluminum should struggle at USD 2,080/mt and fluctuate in the band of USD 2,060-2,100/mt on Friday. The SHFE 1303 aluminum contract is expected to test support at RMB 15,300/mt, with prices between RMB 15,290-15,360/mt. Sparse deals will be done in spot aluminum market, with spot discounts expected between RMB 50-90/mt.
Aluminum will trade in a tight range due to thin trading activity ahead of the New Year holiday. LME aluminum should struggle at USD 2,080/mt and fluctuate in the band of USD 2,060-2,100/mt on Friday. The SHFE 1303 aluminum contract is expected to test support at RMB 15,300/mt, with prices between RMB 15,290-15,360/mt. Sparse deals will be done in spot aluminum market, with spot discounts expected between RMB 50-90/mt.
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