17 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move with in USD 1,830-1,855/mt on17th May
Edited by : AL CIRCLE
1 min read
US initial jobless claims jumped to 360,000 in the week ended May 11. The US posted a 1.1% growth in CPI in April, below expectations. These data helped reduce possibility of asset purchases cuts by the US Federal Reserve for the immediate term. As such, the US dollar index pulled back from high levels during the European trading session, helping commodity prices rebound. LME aluminum touched a high of USD 1,860/mt, but met resistance at the 5-day moving average as US housing starts dropped in April. Finally, LME aluminum ended the day up 0.50% at USD 1,854.8/mt. Latest LME aluminum inventories increased 4,950 mt to 5,230,925 mt.
Weak economic data will keep the light metal in check. LME aluminum should meet resistance at USD 1,850/mt and move within a USD 1,830-1,855/mt price range on Friday. 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, downstream producers will purchase small amounts at bottom prices, with spot discount expected at RMB 10-50/mt over SHFE 1306 aluminum contracts.
Weak economic data will keep the light metal in check. LME aluminum should meet resistance at USD 1,850/mt and move within a USD 1,830-1,855/mt price range on Friday. 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, downstream producers will purchase small amounts at bottom prices, with spot discount expected at RMB 10-50/mt over SHFE 1306 aluminum contracts.
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