Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/12/21 Aluminum Market
Edited by : AL CIRCLE
1 min read
Supported by strong economic data from Germany and the US as well as better than expected Spanish bond auction results, the Euro rebounded and the US dollar index slipped below 80 overnight. Despite of successive surges in stocks, LME aluminum returned to above USD 2,000/mt after climbing 1.48% to USD 2,002.3/mt backed by above development.
While LME aluminum recovered losses on the previous trading day overnight with supportive economic data, strong pressure exists at the 10-day moving average. As such, SMM expects LME aluminum for three-month delivery to fluctuate between USD 1,970-2,020/mt as it struggles at the USD 2,000/mt mark during today’s trading. SHFE aluminum for three-month delivery is expected to move between RMB 15,700-15,830/nt and spot aluminum is expected to trade at discounts of RMB 0-30/mt over the SHFE current-month aluminum prices. Spot aluminum supply will be sufficient by deals will be limited.
While LME aluminum recovered losses on the previous trading day overnight with supportive economic data, strong pressure exists at the 10-day moving average. As such, SMM expects LME aluminum for three-month delivery to fluctuate between USD 1,970-2,020/mt as it struggles at the USD 2,000/mt mark during today’s trading. SHFE aluminum for three-month delivery is expected to move between RMB 15,700-15,830/nt and spot aluminum is expected to trade at discounts of RMB 0-30/mt over the SHFE current-month aluminum prices. Spot aluminum supply will be sufficient by deals will be limited.
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