Shanghai Metals Market
LME aluminum should move between USD 2,130-2,190/mt on 17th Sept: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The US dollar index retreated below 79 for consecutive days due to the introduction of QE3. In response, LME aluminum jumped to a high of USD 2,199/mt during European session, the highest since March, 27. Trading volumes also shot up. Finally, LME aluminum ended the day up USD 74/mt or 3.49% to close at USD 2,192/mt, extending gains for a eleventh trading day. Latest LME aluminum inventories surged 37,650 mt to 5,008,975 mt, which will further curd its upward momentum.
Aluminum prices move narrowly as investors are beginning to turn cautious. LME aluminum should test support at USD 2,130/mt and move between USD 2,130-2,190/mt on Monday. SHFE 1212 aluminum contract is expected to gap higher at RMB 16,050/mt on Monday and support at RMB 16,000/mt should be weak due to selling pressure, with prices between RMB 15,900-16,060/mt. Spot discounts are expected to narrow to RMB 70-30/mt on the last trading day of the 1209 contract. Sellers and buyers will have no intention of entering the market and trading is expected to be light.
Aluminum prices move narrowly as investors are beginning to turn cautious. LME aluminum should test support at USD 2,130/mt and move between USD 2,130-2,190/mt on Monday. SHFE 1212 aluminum contract is expected to gap higher at RMB 16,050/mt on Monday and support at RMB 16,000/mt should be weak due to selling pressure, with prices between RMB 15,900-16,060/mt. Spot discounts are expected to narrow to RMB 70-30/mt on the last trading day of the 1209 contract. Sellers and buyers will have no intention of entering the market and trading is expected to be light.
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