01 AUGUST 2012Shanghai Metals Market
LME aluminum should struggle between USD 1,885 to1,910/mt: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The Fed and ECB will hold interest rate meeting later this week, raising expectations for loose policies again. Investors stayed cautious ahead of the soon-to-be-released important economic data form China and the US, causing LME aluminum to move narrowly overnight. LME found support at the 5-day moving average and met resistance at USD 1,900/mt. Trading volumes failed to increase significantly. LME aluminum shed USD 4.5/mt or .024% to finish at USD 1,898.5/mt. Latest LME aluminum inventories dropped by 475 mt to 4,840,150 mt.
Investors are cautious ahead of the meeting in the Europe and the US. LME aluminum should struggle at USD 1,900/mt, with prices within USD 1,885-1,910/mt. SHFE three-month aluminum prices should open at RMB 15,450/mt on Tuesday and move between RMB 15,400-15,500/mt, and the resistance at RMB 15,500/mt will be strong. Trading in spot aluminum markets should be extremely light due to tight capital at the last day of the month. Spot discounts of RMB 20-60/mt are expected.
Investors are cautious ahead of the meeting in the Europe and the US. LME aluminum should struggle at USD 1,900/mt, with prices within USD 1,885-1,910/mt. SHFE three-month aluminum prices should open at RMB 15,450/mt on Tuesday and move between RMB 15,400-15,500/mt, and the resistance at RMB 15,500/mt will be strong. Trading in spot aluminum markets should be extremely light due to tight capital at the last day of the month. Spot discounts of RMB 20-60/mt are expected.
Previous article
Metals melt in heat of financial crisis
Next articleLME aluminum price sees small hike
Grow with
AL Circle
