Home / Metal News / SMM Morning Review - 2012/3/9 Aluminum Market

SMM Morning Review - 2012/3/9 Aluminum Market

iconMar 9, 2012 09:42
Source:SMM
The most active SHFE aluminum contract for May delivery is expected to move between RMB 16,150-16,250/mt while struggling at the 5-day moving average

SHANGHAI, Mar. 9 (SMM) – LME three-month aluminum closed at USD 2,213/mt on Thursday, little changed from the previous trading day as a surge of 10,050 mt in stocks offset support from optimism towards the Greek debt-swap. Strong support at the USD 2,200/mt mark showed, however, after the contract slipped for a fifth consecutive day.

As investors wait for China’s February CPI and US non-farm payroll data, aluminum price may rise slightly in an overall bullish environment. As such, SMM expects LME three-month aluminum to move between USD 2,200-2,250/mt as it tests resistance at the 5-day moving average. The most active SHFE aluminum contract for May delivery is expected to move between RMB 16,150-16,250/mt while struggling at the 5-day moving average. Spot discounts over the SHFE current-month aluminum price are expected to stay between RMB 30-70/mt given its stability shown. Spot trading is believed to stay light due to weak demand.

aluminum price
aluminum Al
SHFE aluminum
spot aluminum
LME aluminum

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All