28 JUNE 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,765-1,785/mt on 28th June
Edited by : AL CIRCLE
1 min read
Initial jobless claims in the US in the week ending June 22 fell to 346,000. Personal income in the US rose 0.5% in May, and personal spending also grew 0.3%. Pending sales of existing home jumped 6.7% in May, the highest since December 2006. These data signal sustained recovery in the US economy. On the other hand, investors are still worried about the possible scaling back of US debt-buying program and liquidity crunch in China. LME aluminum fell during the European session as longs and shorts exited the market at the month’s end, and finally closed down USD 0.8/mt or 0.04%% at USD 1,772.3/mt. LME aluminum inventories decreased 5,525 mt to 5,442,475 mt, and positions decreased 6,257 lots to 747,277 lots.
Most investors will pull out of the market on the last trading day of the end of mid-year. LME aluminum should stagnate at USD 1,770/mt and move within USD 1,765-1,785/mt on Friday. SHFE 1310 aluminum contract is expected to open at RMB 14,270/mt, with prices between RMB 14,220-14,320/mt. In spot market, trading will be light, with spot discount of RMB 0-20/mt and premium of RMB 0-20/mt expected over SHFE 1307 aluminum contract prices.
Most investors will pull out of the market on the last trading day of the end of mid-year. LME aluminum should stagnate at USD 1,770/mt and move within USD 1,765-1,785/mt on Friday. SHFE 1310 aluminum contract is expected to open at RMB 14,270/mt, with prices between RMB 14,220-14,320/mt. In spot market, trading will be light, with spot discount of RMB 0-20/mt and premium of RMB 0-20/mt expected over SHFE 1307 aluminum contract prices.
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