Shanghai Metals Market
SMM Morning Review - 2011/11/11 Aluminum Market
Edited by : AL CIRCLE
2 min read
Weak overseas demand narrowed China’s trade surplus in October. The Italian debt issue was continuously weighing on global markets. Good news were that US new unemployment claims dropped to 390,000, a seven-month low, for the week ending on November 5th and Standard & Poor’s denied rumors that France’s debt rating would be cut, which helped lift up investors’ confidence.
New York crude oil surged to USD 98/bbl overnight, and LME aluminum closed USD 24.8/mt or 1.16% higher at USD 2,149.8/mt supported by its energy attributes. LME aluminum also outperformed other base metals. Positions of the metal increased 11,311 lots to 903,506 lots. The latest LME aluminum stock decreased 4,050 mt to 4,536,875 mt.
Global aluminum markets are expected to continue their recent fluctuating trends today due to economic uncertainties. As such, SMM expects LME aluminum to fluctuate between USD 2,100-2,150/mt today. The most active SHFE aluminum contract 1201 is expected to open higher near RMB 16,100/mt and fluctuate between RMB 16,000-16,200/mt. Spot aluminum is expected to be traded at discounts of RMB 30/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price due to a rebound in the latter. Purchases will slightly increase supported by stock replenishments this last trading day of the week.
New York crude oil surged to USD 98/bbl overnight, and LME aluminum closed USD 24.8/mt or 1.16% higher at USD 2,149.8/mt supported by its energy attributes. LME aluminum also outperformed other base metals. Positions of the metal increased 11,311 lots to 903,506 lots. The latest LME aluminum stock decreased 4,050 mt to 4,536,875 mt.
Global aluminum markets are expected to continue their recent fluctuating trends today due to economic uncertainties. As such, SMM expects LME aluminum to fluctuate between USD 2,100-2,150/mt today. The most active SHFE aluminum contract 1201 is expected to open higher near RMB 16,100/mt and fluctuate between RMB 16,000-16,200/mt. Spot aluminum is expected to be traded at discounts of RMB 30/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price due to a rebound in the latter. Purchases will slightly increase supported by stock replenishments this last trading day of the week.
Previous article
Alcoa on way to meeting revenue growth goals -CEO
Next articleNovelis Q2 profit nearly doubles on higher prices
Grow with
AL Circle
