Shanghai Metals Market
LME aluminum should move between USD 2,070-2,100/mt on Monday: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The US November nonfarm payrolls increased by 146,000 and unemployment rate fell to 7.7%, its lowest since December 2008, helping commodity price rebound. However, a lack of progress over the US budget negotiations and the upcoming US Federal Reserve interest rate meeting helped the US dollar index stabilize at 80, curbing the gains of commodity prices. LME aluminum dipped to a low of USD 2,077/mt during the European session before touching a high of USD 2,094.8/mt. Finally, LME aluminum ended the day at USD 2,089/mt, up USD 6/mt or 0.29%. Latest LME aluminum inventories increased 5,325 mt to 5,187,100 mt.
China’s economic data was negative in November, compared with positive nonfarm payrolls in the US. LME aluminum should meet resistance at USD 2,100/mt and fluctuate in the band of USD 2,070-2,100/mt on Monday. The SHFE 1301 aluminum contract is expected to open higher at RMB 15,230/mt, with prices at RMB 15,200-15,280/mt. Wait-and-see sentiment should dominate the market at the beginning of the week. Spot discounts are expected between RMB 20-60/mt due to oversupply and overall trading will be light.
China’s economic data was negative in November, compared with positive nonfarm payrolls in the US. LME aluminum should meet resistance at USD 2,100/mt and fluctuate in the band of USD 2,070-2,100/mt on Monday. The SHFE 1301 aluminum contract is expected to open higher at RMB 15,230/mt, with prices at RMB 15,200-15,280/mt. Wait-and-see sentiment should dominate the market at the beginning of the week. Spot discounts are expected between RMB 20-60/mt due to oversupply and overall trading will be light.
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