11 APRIL 2013Shanghai Metal Market
SMM Morning Review: LME aluminum should struggle between USD 1,880-1,920/mt on 11th April
Edited by : AL CIRCLE
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China reported trade deficit in March, but metal imports actually fell sharply. The minutes of the US Federal Reserve (Fed)’s March meeting indicate that FOMC members debated over whether the Fed should slash the scale of asset purchases and bring quantitative easing to an end before the end of this year. This worried investors and helped the US dollar index rebound. LME aluminum dipped to USD 1,900/mt and lacked upward momentum, albeit strong support at the bottom. Finally, LME aluminum ended the day down 0.56% at USD 1,907.8/mt. Latest LME aluminum inventories decreased 250 mt to 5,202,900 mt.
LME aluminum should struggle at USD 1,900/mt on Thursday, with prices between USD 1,880-1,920/mt. SHFE 1306 aluminum contract is expected to open lower at RMB 14,650/mt and move in a RMB 14,600-14,680/mt range. In spot market, spot discounts of RMB 40-80/mt are expected, with overall trading light.
LME aluminum should struggle at USD 1,900/mt on Thursday, with prices between USD 1,880-1,920/mt. SHFE 1306 aluminum contract is expected to open lower at RMB 14,650/mt and move in a RMB 14,600-14,680/mt range. In spot market, spot discounts of RMB 40-80/mt are expected, with overall trading light.
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