Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/12/22 Aluminum Market
Edited by : AL CIRCLE
1 min read
While the much more than expected 489 billion euro loan from ECB overnight helped euro rebound, LME aluminum only hit USD 2,019/mt due to surging stocks. Further more, investors’ doubts whether such move can solve the European debt crisis and weaker than expected US existing home sales and euro zone consumer confidence index again pushed the US dollar index above 80, thereby dragging LME aluminum to close at USD 1,999/mt, down 3.3/mt or 0.16% from the previous trading day.
As a new year nears, practical support is still lacked from the news side. Transactions in financial markets are cooling day by day as investors speed up to clear their holdings. As such, SMM expects LME aluminum to struggle near USD 2,000/mt and move between USD 1,960-2,010/mt during today’s trading. SHFE aluminum for three-month delivery is expected to move between RMB 15,680-15,800/mt. Spot discounts over the SHFE current-month aluminum price are expected to widen to RMB 20-60/mt due to weak consumption caused by capital pressure at year’s end. Deals for aluminum spot will be quite limited.
As a new year nears, practical support is still lacked from the news side. Transactions in financial markets are cooling day by day as investors speed up to clear their holdings. As such, SMM expects LME aluminum to struggle near USD 2,000/mt and move between USD 1,960-2,010/mt during today’s trading. SHFE aluminum for three-month delivery is expected to move between RMB 15,680-15,800/mt. Spot discounts over the SHFE current-month aluminum price are expected to widen to RMB 20-60/mt due to weak consumption caused by capital pressure at year’s end. Deals for aluminum spot will be quite limited.
Previous article
MCX Aluminium may remain range bound for the day
Next articleHundreds backing campaign to save Alcan plant
Grow with
AL Circle
_md.webp)
