Shanghai Metals Market
LME aluminum should move between USD 2,065-2,095/mt on 24th Dec: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The US durable goods orders and personal income were upbeat in November, but no progress has been made over the fiscal cliff talks, deterring investors from entering the market ahead of the Christmas Day. Short-covering helped push LME aluminum prices up to USD 2,097.3/mt during the European session. Positions were down an astonishing 11,586 lots. Nevertheless, LME aluminum gave back some of the earlier gains at the tail f trading. Finally, LME aluminum closed USD 21.5/mt or 1.04% higher at USD 2,083/mt. Latest LME aluminum inventories increased 4,550 mt to 5,241,525 mt.
Aluminum prices will be rangebound ahead of Christmas Day. LME aluminum should stall at USD 2,080/mt and fluctuate in the band of USD 2,065-2,095/mt on Monday. The SHFE 1303 aluminum contract is expected to open higher at RMB 15,285/mt, with prices between RMB 15,210-15,300/mt. Supply will be ample, but demand will be slack due to tight cash flows at the year’s end, leaving aluminum prices stagnant at RMB 15,000/mt, with spot discount expected between RMB 60-100/mt.
Aluminum prices will be rangebound ahead of Christmas Day. LME aluminum should stall at USD 2,080/mt and fluctuate in the band of USD 2,065-2,095/mt on Monday. The SHFE 1303 aluminum contract is expected to open higher at RMB 15,285/mt, with prices between RMB 15,210-15,300/mt. Supply will be ample, but demand will be slack due to tight cash flows at the year’s end, leaving aluminum prices stagnant at RMB 15,000/mt, with spot discount expected between RMB 60-100/mt.
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