03 APRIL 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,860-1,900/mt on 3rd April
Edited by : AL CIRCLE
1 min read
The manufacturing PMI in the euro zone fell in March from the previous month, and pointed to contraction for 20 months in a row. Coupled with shrinking manufacturing in Germany and France, worries over the European debt crisis pushed the US dollar index up to challenge resistance at 83. As a result, LME aluminum sank to USD 1,875/mt during the European trading session, its lowest since August 31, 2012. Finally, LME aluminum ended the day down 0.85% at USD 1,886.8/mt. Latest LME aluminum inventories decreased 8,975 mt to 5,228,425 mt.
Inactive trading activity ahead of the Chinese Qingming holiday should weigh on aluminum prices . LME aluminum should struggle at USD 1,880/mt and move within USD 1,860-1,900/mt on Wednesday. SHFE 1306 aluminum contract is expected to open at RMB 14,570/mt, with prices between RMB 14,510-14,610/mt. In spot market, spot discounts of RMB 30-70/mt are expected due to plentiful supply against limited pre-holiday restocking.
Inactive trading activity ahead of the Chinese Qingming holiday should weigh on aluminum prices . LME aluminum should struggle at USD 1,880/mt and move within USD 1,860-1,900/mt on Wednesday. SHFE 1306 aluminum contract is expected to open at RMB 14,570/mt, with prices between RMB 14,510-14,610/mt. In spot market, spot discounts of RMB 30-70/mt are expected due to plentiful supply against limited pre-holiday restocking.
Previous article
Rusal chief warns that carbon tax will drive jobs offshore
Next articleNew Zealand Aluminium Smelters optimistic about power supply talks
Grow with
AL Circle
