SHANGHAI, Mar. 16 (SMM) -- On March 15th, the Federal Reserve (Fed) announced to maintain the quantitative easing monetary policies, and continued to keep benchmark interest rates between 0-0.25%. Later, the US dollar index lost some gains during European trading hours, and fell rapidly to break through the 5-day and 10-day moving averages consecutively, with the index finally closing at 76.433, up 0.045 or 0.06% compared with the previous trading day.
The escalating concerns over Japanese radiation threat dominated recent investment market sentiment. Last night, LME aluminum prices opened significantly lower at USD 2,510/mt, and later dipped gradually to below the 60-day moving average, and finally closed at USD 2,502/mt supported by a weaker US dollar, down USD 53/mt or 2.07% compared with the previous trading day. Total positions increased by 5,338 lots to 723,371 lots.
Today, SHFE 1104 aluminum contract becomes the current-month aluminum contract, but SHFE 1105 aluminum contract is still the most active one due to weak trading sentiment. SMM predicts SHFE 1105 aluminum contact prices will open higher negatively affected by weak LME aluminum prices, with prices expected to move between RMB 16,400-16,600/mt in view of gradually falling low-end of aluminum price and persistent market pessimistic sentiment recently.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org