Shanghai Metals Market
LME aluminum stocks dropped 7,425 mt to 5,045,275 mt: SMM Morning Review
Edited by : AL CIRCLE
1 min read
The US dollar index stayed near 80 as better-than-expected retail sales in the US continue to support the reserve currency while Spanish debt causes worries towards the euro zone debt crisis to stay. LME aluminum moved within a narrow band between USD 2,062.5-2,082.5/mt and settled up USD 9/mt or 0.43% at USD 2,079/mt. Transactions dropped 1,554 lots to 10,147 lots while positions climbed 10,603 lots to 731,915 lots. LME aluminum stocks dropped 7,425 mt to 5,045,275 mt.
The US dollar may strengthen further in the near term as Spain continues to stir worries towards debt stability in Europe. SMM expects LME aluminum to test the 10-day moving average and move between USD 2,050-2,100/mt during today’s trading. The most active SHFE aluminum contract for July delivery is expected to test resistance at the 5-day moving average and move between RMB 16,050-16,150/mt following LME gains overnight. Spot aluminum is expected to trade at discounts of RMB 40/mt to premiums of RMB 10/mt over the current-month aluminum contract for May delivery.
The US dollar may strengthen further in the near term as Spain continues to stir worries towards debt stability in Europe. SMM expects LME aluminum to test the 10-day moving average and move between USD 2,050-2,100/mt during today’s trading. The most active SHFE aluminum contract for July delivery is expected to test resistance at the 5-day moving average and move between RMB 16,050-16,150/mt following LME gains overnight. Spot aluminum is expected to trade at discounts of RMB 40/mt to premiums of RMB 10/mt over the current-month aluminum contract for May delivery.
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