Metals News
SMM Morning Review - 2012/5/11 Aluminum Market
industry news
09:14AM
May 11,2012
Source:SMM

SHANGHAI, May 11 (SMM) – Base metals ended mixed on Thursday amid support from better-than-expected US employment and trade data and pressure from weak Chinese trade data and political stalemate in Greece. LME aluminum has presented 7 successive days of loss so far in May. The light metal closed down USD 12.8/mt or 0.62% at USD 2,041.3/mt, after hitting the intraday low of USD 2,035/mt.

China will release its CPI for April today, which will greatly influence investor sentiment. LME aluminum is expected to struggle at USD 2,050/mt and hover between USD 2,020-2,080/mt. The most active SHFE aluminum contract for August delivery is expected to open near RMB 16,135/mt and move between RMB 16,100-16,190/mt. The wait-and-see attitude has gained strength amid continually falling prices and weak demand. Spot aluminum is expected to trade at discounts or premiums within RMB 20/mt over the current-month aluminum contract. Deals will be limited as stock replenishments before the weekend is also limited.

base metals
US
employment
trade
China
Greece
stalemate
LME aluminum
SHFE aluminum
spot aluminum
For queries, please contact Frank LIU at liuxiaolei@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
Related Price

No Data