Shanghai Metals Market
Shanghai Metals Market Morning Review – 2012/1/20 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME aluminum market overnight went higher after opening USD 2,210/mt following a stronger euro from solid debt auctions by Spain. Later, the US dollar index advanced along with the US positive employment data and the news that Fitch may cut credit ratings of six eurozone nations. As a result, LME aluminum prices gave up earlier gains, down to USD 2,208/mt. In the evening, the euro strengthened against the dollar, helping support base metal prices. Finally, LME aluminum prices finished at USD 2,229/mt, up USD 15/mt, or 0.69%. Total positions were up 5,155 lots to 881,763 lots, and LME aluminum inventories stayed above 5 million mt, with a net increase of 75 mt yesterday.
LME aluminum prices are expected to fluctuate between USD 2,210-2,150/mt due to a rising euro from positive debt auctions by Spain. SHFE 1204 aluminum contract prices, the most actively traded contract, are expected to fluctuate between RMB 16,320-16,470/mt on Friday in response to signs of credit easing in China and support from LME aluminum market. During the last trading day before the Chinese New Year holiday, trading activity will be low, with spot discounts expected between RMB 150-100/mt.
LME aluminum prices are expected to fluctuate between USD 2,210-2,150/mt due to a rising euro from positive debt auctions by Spain. SHFE 1204 aluminum contract prices, the most actively traded contract, are expected to fluctuate between RMB 16,320-16,470/mt on Friday in response to signs of credit easing in China and support from LME aluminum market. During the last trading day before the Chinese New Year holiday, trading activity will be low, with spot discounts expected between RMB 150-100/mt.
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