08 APRIL 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,850-1,895/mt on 8th April
Edited by : AL CIRCLE
1 min read
The US March nonfarm private sector employment shown in the ADP National Employment Report missed forecasts. Besides, weekly initial jobless claims rose significantly. Discouraging as they may be, these employment figures mean the US Federal Reserve will continue its QE3. LME aluminum sank to USD 1,862.8/mt during the three-day public holiday in China, its lowest since August 22, 2012. LME aluminum rebounded slightly after the US dollar index fell, but still met resistance at the 5-day moving average. Finally, LME aluminum ended the day up 0.11% at USD 1,889/mt. Latest LME aluminum inventories increased 6,000 mt to 5,212,800 mt.
Aluminum prices will move at low levels on downbeat economic data, despite a softer US dollar. LME aluminum should struggle at USD 1,880/mt and move within USD 1,850-1,895/mt on Monday. SHFE 1306 aluminum contract is expected to open at RMB 14,560/mt, with prices between RMB 14,530-14,600/mt. In spot market, trading will be light as wait-and-see sentiment will dominate the market at the beginning of the week, with spot discounts expected between RMB 30-70/mt.
Aluminum prices will move at low levels on downbeat economic data, despite a softer US dollar. LME aluminum should struggle at USD 1,880/mt and move within USD 1,850-1,895/mt on Monday. SHFE 1306 aluminum contract is expected to open at RMB 14,560/mt, with prices between RMB 14,530-14,600/mt. In spot market, trading will be light as wait-and-see sentiment will dominate the market at the beginning of the week, with spot discounts expected between RMB 30-70/mt.
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