18 MAY 2016Shanghai Metals Market
SHFE Aluminium to gather rising strength
Edited by : AL CIRCLE
1 min read
SHFE 1607 aluminium will challenge RMB 12,500/mt on May 18 with longs gathering strength, SMM observes
LME aluminium will struggle around the 5-day moving average and range USD 1,540-1,560/mt during Asian trading hours Wednesday. Spot aluminium will trade at discounts of RMB 10/mt and premiums of RMB 30/mt against SHFE 1606 aluminium.
Key macroeconomic indicators for base metal prices
Diverging trend is expected for base metals on Wednesday with eyes on US last week’s crude oil inventories and euro-zone April CPI.
The final reading of annualized April CPI in euro zone should be negative. Inflation in euro zone shows no sign of upward momentum, European economists said. Though crude oil prices continue rallying, the flash annualized CPI for April fell short of forecast and remained in the negative territory.
The reduction in US last week’s API crude oil inventories missed forecast but market reaction stayed positive.
LME aluminium will struggle around the 5-day moving average and range USD 1,540-1,560/mt during Asian trading hours Wednesday. Spot aluminium will trade at discounts of RMB 10/mt and premiums of RMB 30/mt against SHFE 1606 aluminium.
Key macroeconomic indicators for base metal prices
Diverging trend is expected for base metals on Wednesday with eyes on US last week’s crude oil inventories and euro-zone April CPI.
The final reading of annualized April CPI in euro zone should be negative. Inflation in euro zone shows no sign of upward momentum, European economists said. Though crude oil prices continue rallying, the flash annualized CPI for April fell short of forecast and remained in the negative territory.
The reduction in US last week’s API crude oil inventories missed forecast but market reaction stayed positive.
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