Shanghai Metals Market
LME aluminum should move between USD 2,115-2,135/mt on 17th Dec: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The upbeat flash manufacturing PMI in China and the US for December boosted market confidence. However, manufacturing activity in the euro zone contracted in the fourth quarter, clouding market outlook. A weaker US dollar failed to give a lift to commodity prices. LME aluminum found it high at USD 2,133.5/mt during early European session, but later gave back earlier gains. Finally, LME aluminum closed USD 8.5/mt or 0.40% higher at USD 2,125/mt. Latest LME aluminum inventories increased 14,825 mt to 5,174,125 mt.
Investors are awaiting more market direction. LME aluminum should struggle at the 5-day moving average and fluctuate in the band of USD 2,115-2,135/mt on Monday. The SHFE 1303 aluminum contract is expected to open at RMB 15,425/mt, with prices between RMB 15,380-15,450/mt. Spot discounts are expected between positive RMB 0-10/mt and negative RMB 0-30/mt as today is the last trading day of the SHFE 1212 aluminum contract. Sellers and buyers should show higher interest of entering them market, leaving overall trading stable.
Investors are awaiting more market direction. LME aluminum should struggle at the 5-day moving average and fluctuate in the band of USD 2,115-2,135/mt on Monday. The SHFE 1303 aluminum contract is expected to open at RMB 15,425/mt, with prices between RMB 15,380-15,450/mt. Spot discounts are expected between positive RMB 0-10/mt and negative RMB 0-30/mt as today is the last trading day of the SHFE 1212 aluminum contract. Sellers and buyers should show higher interest of entering them market, leaving overall trading stable.
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