Shanghai Metals Market
LME aluminum suffers 7 successive days of loss and closes down USD 12.8/mt at USD 2,041.3/mt
Edited by : AL CIRCLE
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Base metals ended mixed on Thursday amid support from better-than-expected US employment and trade data and pressure from weak Chinese trade data and political stalemate in Greece. LME aluminum has presented 7 successive days of loss so far in May. The light metal closed down USD 12.8/mt or 0.62% at USD 2,041.3/mt, after hitting the intraday low of USD 2,035/mt.
China will release its CPI for April today, which will greatly influence investor sentiment. LME aluminum is expected to struggle at USD 2,050/mt and hover between USD 2,020-2,080/mt. The most active SHFE aluminum contract for August delivery is expected to open near RMB 16,135/mt and move between RMB 16,100-16,190/mt. The wait-and-see attitude has gained strength amid continually falling prices and weak demand. Spot aluminum is expected to trade at discounts or premiums within RMB 20/mt over the current-month aluminum contract. Deals will be limited as stock replenishments before the weekend is also limited.
China will release its CPI for April today, which will greatly influence investor sentiment. LME aluminum is expected to struggle at USD 2,050/mt and hover between USD 2,020-2,080/mt. The most active SHFE aluminum contract for August delivery is expected to open near RMB 16,135/mt and move between RMB 16,100-16,190/mt. The wait-and-see attitude has gained strength amid continually falling prices and weak demand. Spot aluminum is expected to trade at discounts or premiums within RMB 20/mt over the current-month aluminum contract. Deals will be limited as stock replenishments before the weekend is also limited.
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