Shanghai Metals Market
London Metal Exchange aluminum expects to hover between USD 2,080 to 2,120/mt today
Edited by : AL CIRCLE
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LME aluminum climbed USD 26.5/mt or 1.28% to USD 2,098/mt on Wednesday, with an unexpected report of profits and higher-than-expected revenue by Alcoa and dropping yields of Spanish and Italian 10-year debt. Total positions plunged by 18,599 lots as shorts moved to the sidelines. Strong resistance was seen at the USD 2,100/mt mark.
SMM expects LME aluminum to struggle at the 5-day moving average and hover between USD 2,080-2,120/mt today as upward momentum is weak. The most active SHFE aluminum contract for July delivery is expected to test resistance at the 5-day moving average and move between RMB 16,100-16,195/mt. Spot premiums over the current-month aluminum price are expected to stay between RMB 0-30/mt even as the current-month aluminum price climbs a little bit. Deals will be seen only at low-end prices as supply has been sufficient and demand weak.
SMM expects LME aluminum to struggle at the 5-day moving average and hover between USD 2,080-2,120/mt today as upward momentum is weak. The most active SHFE aluminum contract for July delivery is expected to test resistance at the 5-day moving average and move between RMB 16,100-16,195/mt. Spot premiums over the current-month aluminum price are expected to stay between RMB 0-30/mt even as the current-month aluminum price climbs a little bit. Deals will be seen only at low-end prices as supply has been sufficient and demand weak.
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