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Home / Metal News / SMM Morning Review - 2012/3/22 Aluminum Market

SMM Morning Review - 2012/3/22 Aluminum Market

Mar 22, 2012 09:25

Source:SMM

The most active SHFE aluminum contract for May delivery is expected to move between RMB 16,100-16,150/mt as resistance builds at the 60-day moving average.

SHANGHAI, Mar. 22 (SMM) – LME three-month aluminum plunged USD 41.5/mt or 1.84% overnight to USD 2,212.5/mt after stocks climbed a further 6,825 mt to 5,088,775 mt and US home sales data for February came out missing expectations. Positions for the light metal surged 14,600 lots.

Slow Chinese consumption and hampered US economic recovery will dampen investor confidence. SMM expects LME aluminum to test USD 2,200/mt and move between USD 2,200-2,240/mt during today’s trading. The most active SHFE aluminum contract for May delivery is expected to move between RMB 16,100-16,150/mt as resistance builds at the 60-day moving average. Spot discounts over the SHFE current-month aluminum price are expected to narrow to RMB 30-60/mt as the latter slips. Trading will stay light though.

aluminum price

aluminum Al

SHFE aluminum

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SHFE 1705 aluminum opened at RMB 14,135/mt and ended at RMB 14,225/mt.

Apr 14, 2017 21:11

SMM Comments

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SHFE 1706 aluminum, becoming the most actively traded one, opened at RMB 14,065/mt and closed at RMB 13,980/mt.

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LME aluminum will move at USD 1,910-1,950/mt. SHFE 1705 aluminum will move at RMB 13,850-14,100/mt.

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SMM Comments

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SMM Morning Review - 2012/3/22 Aluminum Market

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