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SMM Morning Review - 2012/3/2 Aluminum Market
Mar 2,2012 09:14CST
smm insight
Source:SMM
The most active SHFE three-month aluminum contract is expected to move between RMB 16,220-16,280/mt as it tests support at the 20-day moving average.

SHANGHAI, Mar. 2 (SMM) – LME three-month aluminum gained USD 28/mt or 1.2% overnight as a higher Chinese PMI for February and better-than-expected US employments data beat worries towards the European debt crisis. The metal did not climb much though, only hitting USD 2,356/mt before closing the trading day.

As China’s moderate manufacturing expansion boosts investor confidence, SMM expects LME three-month aluminum to consolidate at the 5-day moving average and move between USD 2,330-2,380/mt during today’s trading. The most active SHFE three-month aluminum contract is expected to move between RMB 16,220-16,280/mt as it tests support at the 20-day moving average. Spot discounts over the SHFE current-month aluminum price are expected to stay between RMB 80-130/mt as goods holders continue to retain stocks at lower prices. The overall traded volume will nevertheless stay light given weak demand and sufficient supply.

 

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