27 MAY 2016Shanghai Metals Market
SHFE aluminium to lose rising momentum
Edited by : AL CIRCLE
1 min read
SHFE 1607 aluminium will meet resistance at the 5-day and 40-day moving averages and move at RMB 11,950-12,200/mt on Friday on fading effect from falling aluminium stocks, SMM observed in an early morning forecast.
LME aluminium will fluctuate at USD 1,540-1,560/mt, with resistance at the 60-day moving average.
In China’s spot aluminium market, spot premiums of RMB 90-130/mt are expected over SHFE 1606 aluminium contract.
Key macroeconomic indicators for base metal prices
Base metals will lack ability to rise today. Value added at China’s large industrials is expected to grow in April as declines in profit at China’s SOEs narrowed further in April, but increase will slow compared with March. The figure due for release today should boost the market.
US Q1 growth looks set to rise compared with flash data. US core retail sales in March was revised from 0.2 per cent growth to 0.4 per cent increase, while commercial inventory data also topped market expectations in March, which account for 2/3 in US economy.
Fed Chairwoman Janet Yellen will speak today, and the market will keep an eye on her statement, SMM updated.
LME aluminium will fluctuate at USD 1,540-1,560/mt, with resistance at the 60-day moving average.
In China’s spot aluminium market, spot premiums of RMB 90-130/mt are expected over SHFE 1606 aluminium contract.
Key macroeconomic indicators for base metal prices
Base metals will lack ability to rise today. Value added at China’s large industrials is expected to grow in April as declines in profit at China’s SOEs narrowed further in April, but increase will slow compared with March. The figure due for release today should boost the market.
US Q1 growth looks set to rise compared with flash data. US core retail sales in March was revised from 0.2 per cent growth to 0.4 per cent increase, while commercial inventory data also topped market expectations in March, which account for 2/3 in US economy.
Fed Chairwoman Janet Yellen will speak today, and the market will keep an eye on her statement, SMM updated.
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