Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/11/17 Aluminum Market
Edited by : AL CIRCLE
1 min read
Investor worries towards contagion of the European debt crisis continued to weigh on global markets. Later released October industry output and NAHB housing market index growth beat market expectations, which helped weaken the bearish market sentiment.
LME aluminum previously dipped to the intraday low of USD 2,113/mt, but rebounded later to the intraday high of USD 2,165/mt supported by inspiring US economic data and surging crude prices. The metal finally closed 0.74% higher at USD 2,156/mt, the 5-day moving average, Total positions increased 5,565 lots to 901,877 lots. The latest LME aluminum stock decreased 1,625 mt to 4,560,975 mt.
SMM expects LME aluminum to struggle at the 10-day moving average and fluctuate between USD 2,110-2,160/mt today. The most active SHFE aluminum contract 1201 is expected to open near RMB 16,200/mt and fluctuate between RMB 16,150-16,300/mt as it tests support for the 5-day moving average. Spot aluminum is expected to be traded at discounts of RMB 10-50/mt over the SHFE current-month aluminum price. Purchases are expected to be made mainly at lower prices.
LME aluminum previously dipped to the intraday low of USD 2,113/mt, but rebounded later to the intraday high of USD 2,165/mt supported by inspiring US economic data and surging crude prices. The metal finally closed 0.74% higher at USD 2,156/mt, the 5-day moving average, Total positions increased 5,565 lots to 901,877 lots. The latest LME aluminum stock decreased 1,625 mt to 4,560,975 mt.
SMM expects LME aluminum to struggle at the 10-day moving average and fluctuate between USD 2,110-2,160/mt today. The most active SHFE aluminum contract 1201 is expected to open near RMB 16,200/mt and fluctuate between RMB 16,150-16,300/mt as it tests support for the 5-day moving average. Spot aluminum is expected to be traded at discounts of RMB 10-50/mt over the SHFE current-month aluminum price. Purchases are expected to be made mainly at lower prices.
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