05 JUNE 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should move within USD 1,920-1,960/mt on 5th June
Edited by : AL CIRCLE
1 min read
The US Commerce Department announced overnight that the country’s trade deficit expanded to USD 40.29 billion in April as imports of automobiles and mobile phones exceeded exports. This will contribute to its GDP growth in the second quarter. In response, LME aluminum jumped to the highest since March 25 at USD 1,949/mt, up for a sixth straight trading day. Nevertheless, uncertain global economic prospects caused LME aluminum to trim some gains at the tail of the session, which finally closed at USD 1,943/mt, up 1.09%. LME aluminum inventories decreased 1,975 mt to 5,196,400 mt.
Markets are now eyeing US employment data due to be released later in the week, which will stall any substantial uptick in aluminum prices . LME aluminum should struggle at USD 1,940/mt and move within USD 1,920-1,960/mt on Wednesday. SHFE 1309 aluminum contract is expected to open higher at RMB 14,900/mt, with prices between RMB 14,860-14,950/mt. In spot market, traders will hold quotes firm against tightening supply and pre-holiday restocking, with spot discount expected between RMB 0-40/mt over SHFE 1306 aluminum contract prices.
Markets are now eyeing US employment data due to be released later in the week, which will stall any substantial uptick in aluminum prices . LME aluminum should struggle at USD 1,940/mt and move within USD 1,920-1,960/mt on Wednesday. SHFE 1309 aluminum contract is expected to open higher at RMB 14,900/mt, with prices between RMB 14,860-14,950/mt. In spot market, traders will hold quotes firm against tightening supply and pre-holiday restocking, with spot discount expected between RMB 0-40/mt over SHFE 1306 aluminum contract prices.
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