Shanghai Metals Market
LME aluminum should move between USD 2,090-2,140/mt on 3rd Dec: SMM Morning Review
Edited by : AL CIRCLE
1 min read
LME aluminum continued to drift higher last Friday, buoyed by positive economic data in Europe and the US. LME aluminum briefly dipped to an intraday low of USD 2,057/mt after opening at USD 2,060/mt, but later broke resistance at the 60-day moving average all the way to near USD 2,100/mt. Finally, LME aluminum closed USD 28/mt or 1.36% higher at USD 2,088/mt. Trading volumes were down 1,552 lots to 19,249 lots, while positions were up 4,689 lots to 690,125 lots. Latest LME aluminum inventories surged 17,700 mt to 5,207,225 mt.
China’s manufacturing PMI rose to a seven-month high in November and the US employment data was in line with forecasts. Meanwhile, great progress has been made over the Greek debt crisis. As such, LME aluminum should continue to edge up and move between USD 2,090-2,140/mt on Monday. The SHFE 1301 aluminum contract is expected to open slightly higher at RMB 15,460/mt, with prices between RMB 15,410-15,500/mt. Spot discounts are expected between RMB 100-150/mt due to high inventories and moderate downstream consumption, despite eased liquidity at the start of the month.
China’s manufacturing PMI rose to a seven-month high in November and the US employment data was in line with forecasts. Meanwhile, great progress has been made over the Greek debt crisis. As such, LME aluminum should continue to edge up and move between USD 2,090-2,140/mt on Monday. The SHFE 1301 aluminum contract is expected to open slightly higher at RMB 15,460/mt, with prices between RMB 15,410-15,500/mt. Spot discounts are expected between RMB 100-150/mt due to high inventories and moderate downstream consumption, despite eased liquidity at the start of the month.
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