Shanghai Metals Market
Shanghai Metals Market Morning Review - 2012/2/22 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME three-month aluminum broke through the 5-day moving average and closed up USD 58.3/mt or 2.66% at USD 2,250.3/mt on Tuesday, supported by the second Greek bailout. Transactions increased 8,027 lots to 13,231 lots.
SMM expects LME three-month aluminum to stay above USD 2,200/mt and move between USD 2,220-2,270/mt during today’s trading as the confidence boost from the latest Greek debt deal stays. SHFE aluminum contract for delivery in May is expected to move between RMB 16,200-16,350/mt. Spot discounts over the SHFE current-month aluminum price will be little changed at RMB 90-130/mt as a material recovery in demand is still absent.
SMM expects LME three-month aluminum to stay above USD 2,200/mt and move between USD 2,220-2,270/mt during today’s trading as the confidence boost from the latest Greek debt deal stays. SHFE aluminum contract for delivery in May is expected to move between RMB 16,200-16,350/mt. Spot discounts over the SHFE current-month aluminum price will be little changed at RMB 90-130/mt as a material recovery in demand is still absent.
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