13 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,850-1,890/mt on13th May
Edited by : AL CIRCLE
1 min read
Markets were digesting mixed economic indicators for April last Friday. Interest rate cuts by central banks and improvement in US labor market alleviated market concerns some, but US dollar index broke through 83, sending LME aluminum down from USD 1,904/mt to USD 1,848.8/mt. LME aluminum rebounded slightly at the tail of trading, and finally closed 0.87% lower at USD 1,874.8/mt. Latest LME aluminum inventories decreased 5,300 mt to 5,146,650 mt.
The light metal will move within tight price ranges today as investors are staying wary. LME aluminum should fail to reach USD 1,890/mt and fluctuate in the band of USD 1,850-1,890/mt on Monday. SHFE 1308 aluminum contract is expected to open at RMB 14,650/mt, with prices between RMB 14,600-14,700/mt. In spot market, suppliers and buyers will hold to the sidelines at the beginning of the week. Spot premium of RMB 0-20/mt and discount of RMB 0-20/mt are expected as delivery of SHFE 1305 aluminum contracts is drawing near.
The light metal will move within tight price ranges today as investors are staying wary. LME aluminum should fail to reach USD 1,890/mt and fluctuate in the band of USD 1,850-1,890/mt on Monday. SHFE 1308 aluminum contract is expected to open at RMB 14,650/mt, with prices between RMB 14,600-14,700/mt. In spot market, suppliers and buyers will hold to the sidelines at the beginning of the week. Spot premium of RMB 0-20/mt and discount of RMB 0-20/mt are expected as delivery of SHFE 1305 aluminum contracts is drawing near.
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