27 MARCH 2013Shanghai Metals Market
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,940/mt on 27th March
Edited by : AL CIRCLE
1 min read
LME aluminum inventories approached 5.24 million mt yesterday, near a record high. Durable goods orders in the US rose more than expected in February, but the country’s consumer confidence index shrank considerably in March and annualized new home sales in February also missed forecasts. In this context, LME aluminum tumbled to USD 1,910.8/mt, a new low for the year. Finally, LME aluminum closed down 0.88% at USD 1,914/mt. Latest LME aluminum inventories increased 16,650 mt to 5,239,150 mt.
Aluminum prices will move at low levels due to a lack of optimism. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,940/mt on Wednesday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,690/mt, with prices between RMB 14,650-14,750/mt. In spot markets, traders will remain anxious to sell, but downstream buying interest will be tepid, with spot discounts expected between RMB 50-90/mt.
Aluminum prices will move at low levels due to a lack of optimism. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,940/mt on Wednesday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,690/mt, with prices between RMB 14,650-14,750/mt. In spot markets, traders will remain anxious to sell, but downstream buying interest will be tepid, with spot discounts expected between RMB 50-90/mt.
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