SMM Morning Review - 2012/2/29 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2012/2/29 Aluminum Market

SMM Insight 09:31:13AM Feb 29, 2012 Source:SMM

SHANGHAI, Feb. 29 (SMM) – LME three-month aluminum ended positively for a seventh consecutive trading day on Tuesday, closing USD 9/mt or 0.39% higher at USD 2,327/mt as positive expectations for ECB refinancing operation and improving US consumer confidence in February beat a contraction in US durable goods orders in January.

Investors will stay cautious before release of the ECB refinancing plan and China’s PMI data, which may help LME three-month aluminum consolidate support at USD 2,300/mt. The moving band is expected to be USD 2,300-2,350/mt. The most active SHFE three-month aluminum contract is expected to move between RMB 16,230-16,300/mt as it tests resistance at the 30-day moving average. Spot discounts over the SHFE current-month aluminum price are expected at RMB 130-180/mt.Purchases from downstream will be limited while active trading may be seen among middlemen.

Price

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279.4
1.3
(0.48%)
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279.5
0.9
(0.33%)
#1 Silver(99.99%)
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3511.0
10.0
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3496.0
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3481.0
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(0.29%)

SMM Morning Review - 2012/2/29 Aluminum Market

SMM Insight 09:31:13AM Feb 29, 2012 Source:SMM

SHANGHAI, Feb. 29 (SMM) – LME three-month aluminum ended positively for a seventh consecutive trading day on Tuesday, closing USD 9/mt or 0.39% higher at USD 2,327/mt as positive expectations for ECB refinancing operation and improving US consumer confidence in February beat a contraction in US durable goods orders in January.

Investors will stay cautious before release of the ECB refinancing plan and China’s PMI data, which may help LME three-month aluminum consolidate support at USD 2,300/mt. The moving band is expected to be USD 2,300-2,350/mt. The most active SHFE three-month aluminum contract is expected to move between RMB 16,230-16,300/mt as it tests resistance at the 30-day moving average. Spot discounts over the SHFE current-month aluminum price are expected at RMB 130-180/mt.Purchases from downstream will be limited while active trading may be seen among middlemen.