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SMM Morning Review - 2011/11/23 Aluminum Market
Nov 23,2011 09:24CST
smm insight
Source:SMM
SMM expects LME aluminum to fluctuate between USD 2,055-2,105/mt and the most active SHFE aluminum contract between RMB 15,900-16,050/mt.

SHANGHAI, Nov. 23 (SMM) – LME aluminum previously climbed and hit an intraday high of USD 2,102/mt overnight after rating agencies successively confirmed their ratings for the U.S. However, a downward adjustment for the U.S. GDP during the third quarter added to the slightly bearish market sentiment, which trimmed gains of LME aluminum, with the metal closing 0.51% higher at USD 2,085/mt.

SMM expects LME aluminum to test the 5-day moving average above, not excluding possibilities to slip, and fluctuate between USD 2,055-2,105/mt. The most active SHFE aluminum contract 1202 is expected to open above RMB 15,900/mt and fluctuate between RMB 15,900-16,050/mt as it tries to recover the RMB 16,000/mt mark. Spot aluminum is expected to trade at discounts of RMB 0-30/mt over the SHFE current-month aluminum price. The traded volume may rise if SHFE aluminum prices see a significant rebound.

aluminum price
aluminum Al
LME aluminum
SHFE aluminum
spot aluminum

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