Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/11/21 Aluminum Market
Edited by : AL CIRCLE
1 min read
Spanish and Italian debt yields dropped last Friday, which was believed to be caused by bond purchases by the European Central Bank. The Conference Board Leading Economic Index released later grew 0.9%, which was more market expected, thereby alleviating worries towards the European debt crisis.
LME aluminum closed USD 45/mt or 2.16% higher at USD 2,130/mt during the day. Support at this level is weak, however, due to strong resistance at the moving averages and given several slips during the recent period. The latest LME aluminum stock decreased 775 mt to 4,560,275 mt.
SMM expects LME aluminum to fluctuate narrowly between USD 2,100-2,140/mt today. The most active SHFE aluminum contract 1201 is expected to open slightly higher near RMB 16,000/mt and fluctuate between RMB 16,000-16,150/mt. Spot prices are expected to struggle near RMB 16,000/mt and see discounts between RMB 0-30/mt over the SHFE current-month aluminum price. The selling interest will be high due to capital pressure at month’s end. The downstream demand will remain weak, however. Transactions therefore will remain limited.
LME aluminum closed USD 45/mt or 2.16% higher at USD 2,130/mt during the day. Support at this level is weak, however, due to strong resistance at the moving averages and given several slips during the recent period. The latest LME aluminum stock decreased 775 mt to 4,560,275 mt.
SMM expects LME aluminum to fluctuate narrowly between USD 2,100-2,140/mt today. The most active SHFE aluminum contract 1201 is expected to open slightly higher near RMB 16,000/mt and fluctuate between RMB 16,000-16,150/mt. Spot prices are expected to struggle near RMB 16,000/mt and see discounts between RMB 0-30/mt over the SHFE current-month aluminum price. The selling interest will be high due to capital pressure at month’s end. The downstream demand will remain weak, however. Transactions therefore will remain limited.
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