14 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on14th May
Edited by : AL CIRCLE
1 min read
It was announced yesterday that China’s April industrial value added and consumer goods retail sales rebounded slightly, but missed expectations. Fixed asset investments in urban areas in the first four months this year slowed from the same period last year. Base metal output during the first four months grew notably on a year-on-year basis. Oversupply pressure in aluminum market is growing. US retail sales grew unexpectedly in April, but inventories at enterprises failed to keep pace. A firm US dollar kept a lid on aluminum prices . As such, LME aluminum sank to a low of USD 1,850/mt, and finally closed 0.61% lower at USD 1,863.3/mt. Latest LME aluminum inventories increased 7,525 mt to 5,154,175 mt.
Aluminum prices will remain low on Firm US dollar and downbeat economic figures. LME aluminum should test support at USD 1,850/mt and fluctuate in the band of USD 1,850-1,880/mt on Tuesday. SHFE 1308 aluminum contract is expected to open at RMB 14,630/mt, with prices between RMB 14,580-14,680/mt. In spot market, spot premium of RMB 0-20/mt and discount of RMB 0-20/mt are expected over SHFE 1305 aluminum contracts.
Aluminum prices will remain low on Firm US dollar and downbeat economic figures. LME aluminum should test support at USD 1,850/mt and fluctuate in the band of USD 1,850-1,880/mt on Tuesday. SHFE 1308 aluminum contract is expected to open at RMB 14,630/mt, with prices between RMB 14,580-14,680/mt. In spot market, spot premium of RMB 0-20/mt and discount of RMB 0-20/mt are expected over SHFE 1305 aluminum contracts.
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