Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/11/30 Aluminum Market
Edited by : AL CIRCLE
1 min read
Data from the U.S. Conference Board shows the country’s Consumer Confidence Index has climbed to 56, a seven-month high in November. LME aluminum failed to receive much support from such data, however, due to a strong wait-and-see sentiment caused by weak aluminum demand. The metal closed USD 31/mt lower at USD 1,996/mt after a temporary stay at USD 2,034/mt, the intraday high. Positions increased 1,245 lots to 965,178 lots, a new high of the year.
LME aluminum is relatively weak at the moment and only received limited support from improvement in the global economy. The Euro Zone meeting will be the market focus today. SMM expects LME aluminum to fluctuate between USD 1,970-2,030/mt during today's trading. The most active SHFE aluminum contract 1202 is expected to continue test of support at the 5-day moving average. Spot aluminum is expected to test support at RMB 15,950/mt.
LME aluminum is relatively weak at the moment and only received limited support from improvement in the global economy. The Euro Zone meeting will be the market focus today. SMM expects LME aluminum to fluctuate between USD 1,970-2,030/mt during today's trading. The most active SHFE aluminum contract 1202 is expected to continue test of support at the 5-day moving average. Spot aluminum is expected to test support at RMB 15,950/mt.
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