SHANGHAI, Mar. 28 (SMM) – LME aluminum settled USD 4.8/mt or 0.22% higher at RMB 2,194.8/mt on Tuesday, as investors confidence cooled following a rebound of the US dollar index to above 79 and as US consumer confidence index came out almost in line with expectation. Profit-taking by shorts still was the major driver of higher prices.
SMM expects LME aluminum to test resistance at USD 2,200/mt and move between USD 2,170-2,215/mt during today’s trading. The most active SHFE aluminum contract for June delivery is expected to hover between RMB 16,230-16,275/mt as it stagnates near the 10-day moving average. Spot discounts over the SHFE current-month aluminum price are expected to stay between RMB 20-60/mt as goods holders keep quotations at RMB 16,000/mt, even though deals above the mark will be light with downstream standing on the sidelines.