24 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move with in USD 1,840-1,860/mt on 24th May
Edited by : AL CIRCLE
1 min read
HSBC’s flash China manufacturing PMI for May dropped unexpectedly, slipping into contraction for the first time in seven months. Manufacturing in the euro zone rebounded slightly, but still indicated contraction. Manufacturing in the US slowed, but did point to expansion. Market worries remained despite the fact that US initial jobless claims dropped more than expected. Against this backdrop, LME aluminum surrendered gains recorded during the previous session, tumbling to a low of USD 1,845/mt last night. However, LME aluminum did edge up at the tail of trading on dip-buying before finally closing down 1.44% at USD 1,852/mt. Latest LME aluminum inventories increased 3,350 mt to 5,221,525 mt.
LME aluminum will stagnate at USD 1,850/mt and move within a USD 1,840-1,860/mt price range on Friday. SHFE 1308 aluminum contract is expected to open lower at RMB 14,600/mt, with prices between RMB 14,560-14,640/mt. In spot market, spot discount of RMB 20-60/mt is expected over SHFE 1306 aluminum contract prices.
LME aluminum will stagnate at USD 1,850/mt and move within a USD 1,840-1,860/mt price range on Friday. SHFE 1308 aluminum contract is expected to open lower at RMB 14,600/mt, with prices between RMB 14,560-14,640/mt. In spot market, spot discount of RMB 20-60/mt is expected over SHFE 1306 aluminum contract prices.
Previous article
Ormet sale hearing postponed as negotiations continue
Next articleALSCON launches 2013 scholarship programme
Grow with
AL Circle
