Shanghai Metals Market
Shanghai Metals Market Morning Review – 2011/12/23 Aluminum Market
Edited by : AL CIRCLE
1 min read
More shorts closed their LME aluminum positions overnight after inspiring economic data streamed out from the US, with total LME aluminum positions plunging 24,500 lots to the level a month earlier. This had supported a strong rebound in LME aluminum, which closed USD 22/mt or 1.1% at USD 2,021/mt, the intraday high.
Most European and US investors have moved to the sidelines this last trading day before Christmas and deals therefore will turn even lighter. LME aluminum may lack the momentum to move up further and will hover between USD 1,985-2,025/mt as it struggles at the 10-day moving average during today’s trading. SHFE aluminum for three-month delivery is expected to move between RMB 15,760-15,860/mt. Spot aluminum is expected to trade at discounts of RMB 10-50/mt over the SHFE current-month aluminum price. Spot aluminum supply will remain affluent but deals will be sparse.
Most European and US investors have moved to the sidelines this last trading day before Christmas and deals therefore will turn even lighter. LME aluminum may lack the momentum to move up further and will hover between USD 1,985-2,025/mt as it struggles at the 10-day moving average during today’s trading. SHFE aluminum for three-month delivery is expected to move between RMB 15,760-15,860/mt. Spot aluminum is expected to trade at discounts of RMB 10-50/mt over the SHFE current-month aluminum price. Spot aluminum supply will remain affluent but deals will be sparse.
Previous article
Armtec Awarded Contract to Supply Precast Components to Rio Tinto Alcan's Kitimat Modernization Project
Next articleChinalco Stock Slide 0.6% to CNY 6.57
Grow with
AL Circle
_md.webp)
