Home / Metal News / Nickel / SMM Morning Review – 2011/8/15 Aluminum Market
SMM Morning Review – 2011/8/15 Aluminum Market
Aug 15,2011 09:31CST
price review forecast
Source:SMM
SHANGHAI, Aug. 15 (SMM) – The US Department of Commerce announced on August 12th Friday that July retail sales rose by a most 0.5% since

SHANGHAI, Aug. 15 (SMM) – The US Department of Commerce announced on August 12th Friday that July retail sales rose by a most 0.5% since April from previous month, which met market expectations. Later US University of Michigan released an August Consumer Confidence Index of 54.9, which was much lower than the expected 63 and created a new low since May 1980. As a result, investor confidence fluctuated with mixed economic data, and the US dollar index closed lower at 74.558, down 0.14%. However, most base metals prices fell overnight despite a weakening US dollar.

LME aluminum prices continued to fluctuate on August 12th, and later erased gains during European trading hours to fluctuate at USD 2,400/mt. Finally closed price was USD 2,407/mt, down USD 12.3/mt or 0.51%. Total positions rose by 4,225 lots to 752,027 lots.

SMM expects LME aluminum prices to struggle at the 5-day moving average and fluctuate between USD 2,400-2,450/mt on August 15th. Most active SHFE 1110 aluminum contract price is expected to open lower at RMB 17,500/mt fluctuate between RMB 17,400-17,700/mt. SHFE 1111 aluminum contract is expected to become the most active one if transactions rise as expected. Spot premiums are expected to be RMB 0-80/mt on the last trading day of SHFE current-month aluminum contracts. Consumers are expected to pick up a wait-and-see attitude before most active SHFE aluminum contract changes.


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: service.en@smm.cn

aluminum price
aluminum Al

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news