Shangai Metals Market
Shangai Metals Market Morning Review - 2012/2/29 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME three-month aluminum ended positively for a seventh consecutive trading day on Tuesday, closing USD 9/mt or 0.39% higher at USD 2,327/mt as positive expectations for ECB refinancing operation and improving US consumer confidence in February beat a contraction in US durable goods orders in January.
Investors will stay cautious before release of the ECB refinancing plan and China’s PMI data, which may help LME three-month aluminum consolidate support at USD 2,300/mt. The moving band is expected to be USD 2,300-2,350/mt. The most active SHFE three-month aluminum contract is expected to move between RMB 16,230-16,300/mt as it tests resistance at the 30-day moving average. Spot discounts over the SHFE current-month aluminum price are expected at RMB 130-180/mt.Purchases from downstream will be limited while active trading may be seen among middlemen.
Investors will stay cautious before release of the ECB refinancing plan and China’s PMI data, which may help LME three-month aluminum consolidate support at USD 2,300/mt. The moving band is expected to be USD 2,300-2,350/mt. The most active SHFE three-month aluminum contract is expected to move between RMB 16,230-16,300/mt as it tests resistance at the 30-day moving average. Spot discounts over the SHFE current-month aluminum price are expected at RMB 130-180/mt.Purchases from downstream will be limited while active trading may be seen among middlemen.
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