Shanghai Metals Market
LME aluminum should move between USD 2,080-2,130/mt on 21th Sept: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Weak manufacturing flash PMI of China and the euro zone for September raised worries over slack global demand for base metals. In response, LME aluminum tumbled to a low of USD 2,100/mt at the tail of Asian session. LME aluminum was deprived of upward momentum due to short selling following the worse-than-expected US weekly jobless claims, despite its rebound in European session. Finally, LME aluminum ended the day down USD 36/mt or 1.68% to close near an intraday low of USD 2,101/mt. Latest LME aluminum inventories were up 1,825 mt to 5.08 million mt.
Aluminum prices will move weakly as investors remain wary. LME aluminum should test support at USD 2,100/mt and move between USD 2,080-2,130/mt on Friday. SHFE 1212 aluminum contract is expected to open lower at RMB 15,685/mt on Friday, with prices between RMB 15,600-15,735/mt. Traders will be more willing to move goods before the upcoming National Day holiday, but should hold back goods at low prices. Downstream producers may increase purchases due to their need to replenish stocks in the near term. Hence, spot discounts are expected between RMB 110-70/mt.
Aluminum prices will move weakly as investors remain wary. LME aluminum should test support at USD 2,100/mt and move between USD 2,080-2,130/mt on Friday. SHFE 1212 aluminum contract is expected to open lower at RMB 15,685/mt on Friday, with prices between RMB 15,600-15,735/mt. Traders will be more willing to move goods before the upcoming National Day holiday, but should hold back goods at low prices. Downstream producers may increase purchases due to their need to replenish stocks in the near term. Hence, spot discounts are expected between RMB 110-70/mt.
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