Shanghai Metals Market
Shanghai Metals Market Morning Review - 2012/2/15 Aluminum Market
Edited by : AL CIRCLE
1 min read
Even though LME aluminum stocks surged again by 49,900 mt to 5.11 million mt as the delivery date nears, US retails sales in January came out far below expected and investors still hold worries towards the Greek austerity plan, which helped the US dollar index consolidate at 79, LME three-month aluminum nevertheless closed up USD 1.8/mt or 0.88% at USD 2,218.8/mt on Tuesday, supported by strong short covering every time the metal slipped below USD 2,200/mt. Aluminum was the only base metal reporting gains in LME during the day.
SMM expects LME three-month aluminum to test support at USD 2,200/mt and move between USD 2,190-2,230/mt during today’s trading as the US dollar index’ stay above 79 weakens rebound momentum. The most active SHFE aluminum contract for delivery in May is expected to move between RMB 16,150-16,250/mt as it struggles at the RMB 16,200/mt mark. Spot discounts over the SHFE current-month aluminum price may disappear on the last trading day before delivery date. The moving band is expected to be RMB 0-50/mt. Goods holders will be much interested in selling stocks at slight discounts but limited demand means traded volume can hardly improve.
SMM expects LME three-month aluminum to test support at USD 2,200/mt and move between USD 2,190-2,230/mt during today’s trading as the US dollar index’ stay above 79 weakens rebound momentum. The most active SHFE aluminum contract for delivery in May is expected to move between RMB 16,150-16,250/mt as it struggles at the RMB 16,200/mt mark. Spot discounts over the SHFE current-month aluminum price may disappear on the last trading day before delivery date. The moving band is expected to be RMB 0-50/mt. Goods holders will be much interested in selling stocks at slight discounts but limited demand means traded volume can hardly improve.
Previous article
RUSAL sees global aluminium output down, China cuts
Next articleAluminum Traders Probably Closed Out Bets That Prices Will Climb
Grow with
AL Circle
_md.webp)
