Shanghai Metals Market
LME aluminum to move between USD 1,900-1,930/mt on 1st Nov: SMM Morning Review
Edited by : AL CIRCLE
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LME aluminum hovered above the 5-day moving average after opening at USD 1,920.8/mt during the Asian session. However, LME aluminum retreated from the 5-day moving average to a low of USD 1,904/mt during the European session, down USD 14.8/mt or 0.77%, as higher-than-expected unemployment rate in the euro zone pushed the US dollar index up around 80. LME aluminum stabilized above USD 1,900/mt at the tail of trading as market is eyeing the US nonfarm payrolls due Friday. Trading volumes increased by 4,601 lots to 14,297 lots, while positions decreased by 3,882 lots to 720,949 lots. Latest LME aluminum inventories were down 5,775 mt to 5,077,375 mt.
LME aluminum should continue to move narrowly above USD 1,900/mt and test resistance at the 5-day moving average, with prices between USD 1,900-1,930/mt on Thursday. The most active SHFE aluminum contract is expected to drift higher after a flat open on Thursday and move between RMB 15,320-15,380/mt. Spot discounts are expected between RMB 50-90/mt as consumption will remain sluggish and as inventories remain high.
LME aluminum should continue to move narrowly above USD 1,900/mt and test resistance at the 5-day moving average, with prices between USD 1,900-1,930/mt on Thursday. The most active SHFE aluminum contract is expected to drift higher after a flat open on Thursday and move between RMB 15,320-15,380/mt. Spot discounts are expected between RMB 50-90/mt as consumption will remain sluggish and as inventories remain high.
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