Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/12/28 Aluminum Market
Edited by : AL CIRCLE
1 min read
Support from the strong consumer confidence in the US was weakened by mixed manufacturing data. Further more, closely followed Christmas Day and New Year’s Day have kept most investors on the sidelines, thereby depressing transaction volumes.
As such, SMM expects LME aluminum to move narrowly between USD 2,000-2,040/mt and SHFE aluminum for three-month delivery between RMB 15,800-15,900/mt. Due to weak demand, the spot market remains buyers’ market and spot discounts over the SHFE current-month aluminum price are expected to stay between RMB 10-30/mt.
As such, SMM expects LME aluminum to move narrowly between USD 2,000-2,040/mt and SHFE aluminum for three-month delivery between RMB 15,800-15,900/mt. Due to weak demand, the spot market remains buyers’ market and spot discounts over the SHFE current-month aluminum price are expected to stay between RMB 10-30/mt.
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