29 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,840-1,860/mt on 29th May
Edited by : AL CIRCLE
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US home prices jumped 10.9% in March compared with a year ago, the highest level in seven years. The Conference Board’s Consumer Confidence Index rose to 76.2 in May. These positive data are a sign of sustained improvement in the US economy, but also raised worries that the US Federal Reserve will scale back QE3 soon. In response, US shares and US dollar index both rose, eating into gains of base metals. LME aluminum rose, but failed to touch the 20-day moving average, with the high-end price at USD 1,861/mt. Finally, LME aluminum closed at USD 1,851/mt, up 0.65%. Latest LME aluminum inventories decreased 225 mt to 5,213,050 mt.
A firm US dollar will keep aluminum prices in check. LME aluminum should hover at USD 1,850/mt and move within USD 1,840-1,860/mt on Wednesday. SHFE 1308 aluminum contract is expected to open at RMB 14,620/mt, with prices between RMB 14,580-14,650/mt. In spot market, trading will be light as the month comes to an end. Spot discount of RMB 20-60/mt is expected over SHFE 1306 aluminum contract prices.
A firm US dollar will keep aluminum prices in check. LME aluminum should hover at USD 1,850/mt and move within USD 1,840-1,860/mt on Wednesday. SHFE 1308 aluminum contract is expected to open at RMB 14,620/mt, with prices between RMB 14,580-14,650/mt. In spot market, trading will be light as the month comes to an end. Spot discount of RMB 20-60/mt is expected over SHFE 1306 aluminum contract prices.
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