22 MARCH 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,945/mt on 22nd March
Edited by : AL CIRCLE
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The preliminary March manufacturing PMI from China and the US rose appreciably, but this was offset by contraction in manufacturing activity in Germany and France and uncertain aid package in Cyprus. As a result, LME aluminum retreated from the 5-day moving average, with its low-end price sinking to USD 1,918.8/mt, a new low for the year. Finally, LME aluminum closed 0.82% lower at USD 1,927/mt. Latest LME aluminum inventories increased 12,400 mt to 5,229,825 mt.
Aluminum prices should drop amid renewed European debt crisis. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,945/mt on Friday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,700/mt, with prices between RMB 14,620-14,720/mt. In spot markets, traders will be eager to sell at the month’s end, while downstream buying interest will be limited, with spot discounts expected between RMB 60-100/mt.
Aluminum prices should drop amid renewed European debt crisis. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,945/mt on Friday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,700/mt, with prices between RMB 14,620-14,720/mt. In spot markets, traders will be eager to sell at the month’s end, while downstream buying interest will be limited, with spot discounts expected between RMB 60-100/mt.
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