Shanghai Metals Market
Shanghai Metals Market Morning Review - 2012/3/15 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME three-month aluminum futures closed down USD 28/mt or 1.24% at USD 2,227/mt on Wednesday as China’s signal to maintain property curb boosts dollar buying and weighs on base metals. The light metal lost all previous-day gains after losing support at the 5-day moving average.
China’s property curb vow and persisting worries towards the European debt crisis will continue weighing on metals today. As such, SMM expects LME three-month aluminum to move between USD 2,200-2,250/mt today as it tests support at the USD 2,200/mt mark. The most active SHFE aluminum contract for May delivery is expected to test support at RMB 16,100/mt and hover between RMB 16,100-16,190/mt. Spot aluminum is expected to trade at discounts or premiums within RMB 20/mt over the SHFE current-month aluminum contract to be delivered tomorrow. Buying will be weak as traders hold quotations and downstream and middlemen stand on the sidelines.
China’s property curb vow and persisting worries towards the European debt crisis will continue weighing on metals today. As such, SMM expects LME three-month aluminum to move between USD 2,200-2,250/mt today as it tests support at the USD 2,200/mt mark. The most active SHFE aluminum contract for May delivery is expected to test support at RMB 16,100/mt and hover between RMB 16,100-16,190/mt. Spot aluminum is expected to trade at discounts or premiums within RMB 20/mt over the SHFE current-month aluminum contract to be delivered tomorrow. Buying will be weak as traders hold quotations and downstream and middlemen stand on the sidelines.
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