Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/10/31 Aluminum Market
Edited by : AL CIRCLE
1 min read
Cautiousness prevailed among investors last Friday as details of the European bailout agreement had yet to be determined. As a result, LME aluminum ended its five-day gain during the day and finally closed USD 13/mt or 0.58% lower at USD 2,245/mt. Traded volumes during the day contracted to near 10,000 lots. Total positions increased 3,049 lots to 862,068 lots.
With global markets moving blinded and the US dollar index sticking to the 75 mark, the upward space of metals' prices will be limited.
SMM expects LME aluminum to fluctuate between USD 2,210-2,250/mt today. The most active SHFE 1201 aluminum contract is expected to open lower near RMB 16,450/mt and fluctuate between RMB 16,370-16,520/mt.
Most sellers and buyers of spot aluminum are expected to stay outside this last trading day in October as payments are to be made by banks today. Goods holders’ selling interest at lower prices will remain low, which will help spot premiums stay between RMB 10-40/mt over the SHFE current-month aluminum price.
With global markets moving blinded and the US dollar index sticking to the 75 mark, the upward space of metals' prices will be limited.
SMM expects LME aluminum to fluctuate between USD 2,210-2,250/mt today. The most active SHFE 1201 aluminum contract is expected to open lower near RMB 16,450/mt and fluctuate between RMB 16,370-16,520/mt.
Most sellers and buyers of spot aluminum are expected to stay outside this last trading day in October as payments are to be made by banks today. Goods holders’ selling interest at lower prices will remain low, which will help spot premiums stay between RMB 10-40/mt over the SHFE current-month aluminum price.
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