SMM Morning Review - 2012/5/11 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2012/5/11 Aluminum Market

Industry News 09:14:52AM 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.

SMM Morning Review - 2012/5/11 Aluminum Market

Industry News 09:14:52AM 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.