20 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move with in USD 1,830-1,855/mt on 20th May
Edited by : AL CIRCLE
1 min read
The University of Michigan preliminary index of consumer sentiment rose to 83.7 in May, a six-year high. Meanwhile, the Conference Board Leading Economic Index for the US also increased 0.6% in April, a five-year high. These positive data helped send the US dollar index up to 84, weighing on commodity prices. LME aluminum edged up to USD 1,866.8/mt during European session, but met resistance at the 10-day moving average. Later, LME aluminum fell back, and finally ended Last Friday unchanged from the previous day at USD 1,855/mt. Latest LME aluminum inventories increased 7,575 mt to 5,238,500 mt.
The light metal will move within narrow price ranges on a firm US dollar. LME aluminum should move within a USD 1,830-1,855/mt price range on Monday. SHFE 1308 aluminum contract is expected to open at RMB 14,540/mt, with prices between RMB 14,500-14,580/mt. In spot market, wait-and-see sentiment will dominate the market as a new week begins. Spot discount of RMB 10-50/mt is expected at over SHFE 1306 aluminum contracts.
The light metal will move within narrow price ranges on a firm US dollar. LME aluminum should move within a USD 1,830-1,855/mt price range on Monday. SHFE 1308 aluminum contract is expected to open at RMB 14,540/mt, with prices between RMB 14,500-14,580/mt. In spot market, wait-and-see sentiment will dominate the market as a new week begins. Spot discount of RMB 10-50/mt is expected at over SHFE 1306 aluminum contracts.
Previous article
Hindustan Zinc, Bharat Aluminium stake sale will be a windfall
Next articleFurther Cuts to European Aluminum Smelting Capacity Likely
Grow with
AL Circle
