28 JUNE 2012Shanghai Metals Market
The light metal lost USD 20/mt or 1.07% to settle at USD 1,848/mt: SMM Morning Review
Edited by : AL CIRCLE
1 min read
Higher borrowing costs for Spain and Italy have added to worries on the European debt crisis. US home prices rose for a third successive month, but the nation’s consumer confidence and manufacturing data have trailed estimates, weighing on LME aluminum prices. The light metal lost USD 20/mt or 1.07% to settle at USD 1,848/mt, after slipping to a fresh two year low of USD 1,839/mt. Latest LME aluminum stocks were down 1,725 mt at 4,849,975 mt.
Aluminum prices should remain weak today as investors await results of the coming EU Summit. LME aluminum is expected to face stronger pressure at USD 1,850/mt and hover between USD 1,828-1,858/mt. The most active SHFE aluminum contract for October delivery should start near RMB 15,070/mt and test support at RMB 15,000/mt. Its trading band is expected to be RMB 15,000-15,170/mt. Spot aluminum should continue to see discounts and premiums within RMB 20/mt. Trading will stay light due to soft fundamentals and tightening cash flows in the middle of the year.
Aluminum prices should remain weak today as investors await results of the coming EU Summit. LME aluminum is expected to face stronger pressure at USD 1,850/mt and hover between USD 1,828-1,858/mt. The most active SHFE aluminum contract for October delivery should start near RMB 15,070/mt and test support at RMB 15,000/mt. Its trading band is expected to be RMB 15,000-15,170/mt. Spot aluminum should continue to see discounts and premiums within RMB 20/mt. Trading will stay light due to soft fundamentals and tightening cash flows in the middle of the year.
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