SHANGHAI, Feb. 24 (SMM) – Even though stabilized US new unemployment claims and climbing crude prices provided support, European Commission’s pessimistic economic forecasts, which expect euro zone GDP to contract 0.3% and EU GDP to see zero growth in 2012, still induced USD 3.8/mt or 0.16% of loss in the LME three-month aluminum contract on Thursday. The metal closed the trading day at USD 2,274/mt.
SMM expects LME three-month aluminum to stay between USD 2,250-2,290/mt during today’s trading. The most active SHFE three-month aluminum contract is expected to move between RMB 16,200-16,270/mt. Spot discounts over the SHFE current-month aluminum contract are expected to be RMB 130-180/mt but deals will be limited due to slight supply excessiveness.