SMM Aluminum Price Forecast (Feb. 20-24)-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Market commentary
  • Futures movement
  • Copper
  • Aluminium
  • Inventory data
  • Lead
  • Evening comments
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Li-Ion Battery Cathode Material
  • Morning comments
  • Customs data
  • Silicon
  • Nickel

SMM Aluminum Price Forecast (Feb. 20-24)

Price Review & Forecast 02:06:37PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) -- SHFE 1205 aluminum contract prices also fell continuously from RMB 16,300/mt, to RMB 16,120/mt, but with prices temporarily finding support at the 60-day moving average. Pessimism dominated the market, and daily trading volumes were around 10,000 lots. Spot discounts narrowed to near zero ahead of the delivery date for SHFE current-month aluminum contracts, but later returned to RMB 100/mt once the delivery date passed. Cargo-holder attitudes toward selling goods were mixed, with high-quality aluminum ingot unavailable in the market, while supply of non-registered brands was considered sufficient. Downstream processors purchased on an as-needed basis and purchase interest from middlemen was also low, resulting in limited transaction volumes. 

SMM predicts SHFE 1205 aluminum contract prices will fluctuate between RMB 16,000-16,200/mt. Downstream consumption is improving slowly, so any upward movement in spot aluminum prices will be limited and prices should move around RMB 15,900/mt. Spot discounts will remain stable at RMB 100/mt. Market supply will be sufficient, but trading activity will improve little.

 

Key Words:  aluminum Al 

Price

more
Gold(99.99%)
Apr.19
279.4
1.3
(0.48%)
Gold(99.95%)
Apr.19
279.5
0.9
(0.33%)
#1 Silver(99.99%)
Apr.19
3511.0
10.0
(0.29%)
Silver(99.95%)
Apr.19
3496.0
10.0
(0.29%)
Silver(99.90%)
Apr.19
3481.0
10.0
(0.29%)

SMM Aluminum Price Forecast (Feb. 20-24)

Price Review & Forecast 02:06:37PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) -- SHFE 1205 aluminum contract prices also fell continuously from RMB 16,300/mt, to RMB 16,120/mt, but with prices temporarily finding support at the 60-day moving average. Pessimism dominated the market, and daily trading volumes were around 10,000 lots. Spot discounts narrowed to near zero ahead of the delivery date for SHFE current-month aluminum contracts, but later returned to RMB 100/mt once the delivery date passed. Cargo-holder attitudes toward selling goods were mixed, with high-quality aluminum ingot unavailable in the market, while supply of non-registered brands was considered sufficient. Downstream processors purchased on an as-needed basis and purchase interest from middlemen was also low, resulting in limited transaction volumes. 

SMM predicts SHFE 1205 aluminum contract prices will fluctuate between RMB 16,000-16,200/mt. Downstream consumption is improving slowly, so any upward movement in spot aluminum prices will be limited and prices should move around RMB 15,900/mt. Spot discounts will remain stable at RMB 100/mt. Market supply will be sufficient, but trading activity will improve little.

 

Key Words:  aluminum Al