Shanghai Metals Market
Shanghai Metals Market Morning Review - 2011/12/30 Aluminum Market
Edited by : AL CIRCLE
1 min read
Despite of inspiring employment and house sales data from the US, LME aluminum only rose a slight USD 2.5/mt or 0.13% to USD 1,987/mt overnight as European debt woes and high LME aluminum stocks continued weighing on the metal.
Deals for aluminum are expected to remain light this last trading day of 2011 due to weakness in global economies. SMM expects three-month LME aluminum to move between USD 1,980-2,000/mt and SHFE aluminum for three-month delivery to vacillate between RMB 15,830-15,900/mt during today’s trading. Spot aluminum is expected to maintain premiums of RMB 0-40/mt over the SHFE current-month aluminum price supported by tight supply.
Deals for aluminum are expected to remain light this last trading day of 2011 due to weakness in global economies. SMM expects three-month LME aluminum to move between USD 1,980-2,000/mt and SHFE aluminum for three-month delivery to vacillate between RMB 15,830-15,900/mt during today’s trading. Spot aluminum is expected to maintain premiums of RMB 0-40/mt over the SHFE current-month aluminum price supported by tight supply.
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