Home / Metal News / Zinc / SMM Morning Review – 2012/1/20 Aluminum Market
SMM Morning Review – 2012/1/20 Aluminum Market
Jan 20,2012 09:21CST
smm insight
Source:SMM
During the last trading day before the Chinese New Year holiday, trading activity will be low, with spot discounts expected between RMB 150-100/mt.

SHANGHAI, Jan. 20 (SMM) - LME aluminum market overnight went higher after opening USD 2,210/mt following a stronger euro from solid debt auctions by Spain. Later, the US dollar index advanced along with the US positive employment data and the news that Fitch may cut credit ratings of six eurozone nations. As a result, LME aluminum prices gave up earlier gains, down to USD 2,208/mt. In the evening, the euro strengthened against the dollar, helping support base metal prices. Finally, LME aluminum prices finished at USD 2,229/mt, up USD 15/mt, or 0.69%. Total positions were up 5,155 lots to 881,763 lots, and LME aluminum inventories stayed above 5 million mt, with a net increase of 75 mt yesterday. 

LME aluminum prices are expected to fluctuate between USD 2,210-2,150/mt due to a rising euro from positive debt auctions by Spain. SHFE 1204 aluminum contract prices, the most actively traded contract, are expected to fluctuate between RMB 16,320-16,470/mt on Friday in response to signs of credit easing in China and support from LME aluminum market. During the last trading day before the Chinese New Year holiday, trading activity will be low, with spot discounts expected between RMB 150-100/mt.
 

LME aluminum market
SHFE three-month aluminum contract prices
spot discounts

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