10 MAY 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,870-1,910/mt on10th May
Edited by : AL CIRCLE
1 min read
The National Bureau of Statistics announced yesterday that China’s CPI rose 2.4% YoY in April, but PPI declined 2.6% YoY, both missing forecasts. Although the latest US initial jobless claims continued to drop, the figure buoyed market confidence only limitedly. LME aluminum tried to reach USD 1,900/mt during the European session and finally closed 0.88% lower at USD 1,891.3/mt. Latest LME aluminum inventories increased 9,625 mt to 5,151,950 mt.
Aluminum prices will remain low due to economic slowdown. LME aluminum should feel growing resistance at USD 1,900/mt and move within USD 1,870-1,910/mt on Friday. 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, traders will hold back goods, while downstream producers will build up stocks modestly for the weekend. Spot discounts of RMB 0-40/mt are expected over SHFE 1305 aluminum contracts.
Aluminum prices will remain low due to economic slowdown. LME aluminum should feel growing resistance at USD 1,900/mt and move within USD 1,870-1,910/mt on Friday. 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, traders will hold back goods, while downstream producers will build up stocks modestly for the weekend. Spot discounts of RMB 0-40/mt are expected over SHFE 1305 aluminum contracts.
Previous article
Aluminium business dragged Rio Tinto profits down in 2012
Next articleMore expansion on the cards for Emal
Grow with
AL Circle
