Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/11/29 Aluminum Market
Edited by : AL CIRCLE
1 min read
News said on November 28th that European leaders will propose a new solution for the region’s debt crisis and IMF may provide Italy with 400-600 billion euro of financial aid. Meanwhile, U.S. National Retail Federation data show retail sales during this year's Thanksgiving Day surged 16% from last year to USD 52.4 billion.
LME aluminum opened at USD 2,005/mt and hit an intraday high of USD 2,040/mt supported by positive news from both Europe and the U.S. The metal erased some gains at the tail of trading and finally closed at USD 2,026/mt, up USD 34/mt from the previous trading day. Total positions decreased 7,780 lots to 963,933 lots. The aluminum stock was little changed.
SMM expects LME aluminum to fluctuate between USD 2,010-2,060/mt today. The most active SHFE aluminum contract 1202 is expected open slightly higher and test resistance at the five-moving average as it fluctuates between RMB 15,750-15,950/mt. Spot aluminum is expected to gain together with aluminum futures and maintain premiums of RMB 0-50/mt over the SHFE current-month aluminum price.
LME aluminum opened at USD 2,005/mt and hit an intraday high of USD 2,040/mt supported by positive news from both Europe and the U.S. The metal erased some gains at the tail of trading and finally closed at USD 2,026/mt, up USD 34/mt from the previous trading day. Total positions decreased 7,780 lots to 963,933 lots. The aluminum stock was little changed.
SMM expects LME aluminum to fluctuate between USD 2,010-2,060/mt today. The most active SHFE aluminum contract 1202 is expected open slightly higher and test resistance at the five-moving average as it fluctuates between RMB 15,750-15,950/mt. Spot aluminum is expected to gain together with aluminum futures and maintain premiums of RMB 0-50/mt over the SHFE current-month aluminum price.
Previous article
Norsk Hydro : Highlighting the metal of the future at Qatar Aluminium Symposium
Next articleShanghai Metals Market Daily Review - 2011/11/28 Base Metals Market
Grow with
AL Circle
