01 SEPTEMBER 2011Shanghai Metal Market
SMM Morning Review - 2011/9/1 Aluminum Market
Edited by : AL CIRCLE
1 min read
Investor confidence for LME aluminium rose overnight backed by optimistic expectation for China aluminium consumption in September and better-than-expected factory orders from the US (2.4% to 1.9%), thereby pushing LME aluminium prices to close USD 44.8/mt or 1.84% higher at USD 2471.8/mt, a new high since August 5th. The four-day gain of LME aluminium also forced shorts to exit, with positions falling by 3,057 lots to 720,372 lots.
SMM expects LME aluminium prices to test the 30-day moving average and fluctuate between USD 2,430-2,480/mt on September 1st. Most active SHFE 1111 aluminium contract is expected to open higher near RMB 17,600/mt and fluctuate between RMB 17,450-17,650/mt. Spot premiums are expected to stay between RMB 80-130/mt as goods holders keep their quotes firm, but transactions will be limited since aluminium consumption will remain weak on capital pressure.
SMM expects LME aluminium prices to test the 30-day moving average and fluctuate between USD 2,430-2,480/mt on September 1st. Most active SHFE 1111 aluminium contract is expected to open higher near RMB 17,600/mt and fluctuate between RMB 17,450-17,650/mt. Spot premiums are expected to stay between RMB 80-130/mt as goods holders keep their quotes firm, but transactions will be limited since aluminium consumption will remain weak on capital pressure.
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