Shanghai Metals Market
Shanghai Metals Market Morning Review - 2012/4/23 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME aluminum hit USD 2,091/mt on Friday supported by gains in European stock markets and strong annual reports from the US, but only closed USD 4.3/mt or 0.2% higher at USD 2,078.3/mt as cautiousness stayed. Transacted contracts dropped 3,456 lots to 8,960 lots. The US dollar index closed down at 79.167.
LME should remain range-bound and move between USD 2,060-2,100/mt during today’s trading as strong resistance exists at USD 2,100/mt. The most active SHFE aluminum contract for July delivery should hover between RMB 16,040-16,120/mt. Spot aluminum is expected to continue trading at discounts of RMB 20/mt to premiums of RMB 20/mt over the current-month SHFE aluminum contract.
LME should remain range-bound and move between USD 2,060-2,100/mt during today’s trading as strong resistance exists at USD 2,100/mt. The most active SHFE aluminum contract for July delivery should hover between RMB 16,040-16,120/mt. Spot aluminum is expected to continue trading at discounts of RMB 20/mt to premiums of RMB 20/mt over the current-month SHFE aluminum contract.
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