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SMM Morning Review - 2011/11/14 Aluminum Market
Nov 14,2011 09:14CST
smm insight
Source:SMM
SMM expects LME aluminum to fluctuate between USD 2,145-2,190/mt and the most active SHFE aluminum contract 1201 between RMB 16,150-16,300/mt today.

SHANGHAI, Nov. 14 (SMM) – A rebound in the Euro was seen last Friday supported by progresses made in Greece and Italy on solving their debt issues. This, combined with the better-than-expected November Consumer Confidence Index from Michigan University and an increase in new credit loans in China, had dragged the US dollar index below 77.

The New York crude price climbed further towards USD 100/bbl, and LME aluminum gained strength supported by its energy attributes. The metal finally closed USD 22.8/mt or 1.06% at USD 2,172.5/mt. Total positions increased 10,401 lots to 913,907 lots. The latest LME aluminum stock decreased 3,200 mt to 4,533,675 mt.

The market sentiment is slightly positive today in Asia supported by “fine-tuning” of Chinese monetary policies and progresses on solving the European debt crisis. SMM expects LME aluminum to fluctuate between USD 2,145-2,190/mt today. The most active SHFE aluminum contract 1201 is expected to open near RMB 16,200/mt and fluctuate between RMB 16,150-16,300/mt. Purchases in the spot market will continue to be made on an as-needed basis. The selling interest will be high before the SHFE current-month aluminum contract is changed. Market supply will remain excessive, which will lead to spot discounts of RMB 0-40/mt over the SHFE current-month aluminum price.

aluminum price
aluminum Al
LME aluminum
SHFE aluminum
Shanghai spot aluminum

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