Shanghai Metals Market
Shanghai Metals Market Morning Review - 2012/3/16 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME three-month aluminum returned above the 30-day moving average closing up USD 27/mt or 1.21% at USD 2,254/mt on Thursday, as latest and better-than-expected US unemployment claims and manufacturing data beat estimates to boost confidence for the US economy.
SMM expects LME three-month aluminum futures to struggle near the 10-day moving average and move between USD 2,215-2,265/mt as US economic growth eases European debt worries. The most active SHFE aluminum contract for May delivery is expected to test support at the 5-day moving average and hover between RMB 16,170-16,230/mt. Spot discounts over the SHFE current-month aluminum contract are expected to widen to RMB 70-120/mt with a shift in the latter. Trading will be light as demand stays weak and due to excessive supply.
SMM expects LME three-month aluminum futures to struggle near the 10-day moving average and move between USD 2,215-2,265/mt as US economic growth eases European debt worries. The most active SHFE aluminum contract for May delivery is expected to test support at the 5-day moving average and hover between RMB 16,170-16,230/mt. Spot discounts over the SHFE current-month aluminum contract are expected to widen to RMB 70-120/mt with a shift in the latter. Trading will be light as demand stays weak and due to excessive supply.
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