Home / Metal News / Copper / SMM Morning Review - 2011/8/19 Aluminum Market
SMM Morning Review - 2011/8/19 Aluminum Market
Aug 19,2011 09:31CST
price review forecast
LME aluminum closed USD 58/mt or 2.42% lower at USD 2,340/mt on August 18th, expected to fluctuate between USD 2,330-2,370/mt today. SHFE aluminum to fluctuate between RMB 16,600-17,000/mt today.

SHANGHAI, Aug. 19 (SMM) – With worse than expected data released for new unemployment claims, manufacturing index, house sales etc.  on August 18th Thursday, market worries towards global economic recession rose again, with US stock, commodity prices plunging. LME gold prices rose above USD 1,800/oz overnight and the US dollar index returned to above 74 closing at 74.361, up 0.77%, as a result of risk aversion.

LME aluminum plunged during European trading hours to a lowest USD 2,337/mt since December 2010 before closing at USD 2,340/mt with a USD 58/mt or 2.42% loss. Daily transactions drastically climbed by 6,783 lots to 18,910 lots. Total positions slightly rose by 805 lots to 718,825 lots.

As the market panic continues today, LME aluminum prices are expected to fluctuate below the 5-day moving average at USD 2,330-2,370/mt. Most active SHFE 1111 aluminum contract prices are expected to gap lower at RMB 17,000/mt and fluctuate between RMB 16,600-17,000/mt. Spot premiums are expected to be positive RMB 180-260/mt over SHFE current-month aluminum prices. Market transactions are expected to be sluggish due to strong wait-and-see sentiment.

aluminum price

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