Shanghai Metals Market
Shanghai Metals Market Morning Review - 2012/4/26 Aluminum Market
Edited by : AL CIRCLE
1 min read
LME aluminum closed down USD 7/mt or 0.34% at USD 2,073/mt on Wednesday as a surge of over 9,000 mt in aluminum stocks and the sharpest drop since 2009 in US durable goods orders in March overshadowed strong annual reports from the US and Fed’s decision to maintain low interest rates until late 2014.
Cautiousness will stay in today’s markets and aluminum should continue to move within a narrow band. LME aluminum is expected to test resistance at the 20-day moving average and hove between USD 2,065-2,095/mt. The most active SHFE aluminum contract for July delivery should move between RMB 16,120-16,180/mt as it tests 10-day average support. Spot aluminum is expected to trade at discounts of RMB 30/mt to premiums of RMB 10/m over the current-month SHFE aluminum price as more traders liquidate at month’s end while demand is little improved.
Cautiousness will stay in today’s markets and aluminum should continue to move within a narrow band. LME aluminum is expected to test resistance at the 20-day moving average and hove between USD 2,065-2,095/mt. The most active SHFE aluminum contract for July delivery should move between RMB 16,120-16,180/mt as it tests 10-day average support. Spot aluminum is expected to trade at discounts of RMB 30/mt to premiums of RMB 10/m over the current-month SHFE aluminum price as more traders liquidate at month’s end while demand is little improved.
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