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SMM Aluminum Price Forecast (May 28-Jun. 1)
May 28,2012 17:04CST
smm insight
Source:SMM
Manufacturing continues to contract in China, Europe and the US, while weak global demand and turmoil in Greece will continue to weigh on financial markets.

SHANGHAI, May 28 (SMM) -- Manufacturing continues to contract in China, Europe and the US, while weak global demand and turmoil in Greece will continue to weigh on financial markets. The US dollar index is expected to stay high near 82 without any significant economic news. A strong US dollar, stagnating domestic demand, and declining exports will cause commodities prices to fall. Long-term production cuts at aluminum smelters will limit price declines for aluminum, though. LME aluminum prices should find support at USD 2,000/mt, and the most active SHFE aluminum contract is expected to test support at RMB 15,900/mt. Both buyers and sellers will largely stay on the sidelines due to tight cash flows at the month’s end. Spot aluminum should trade near current-month SHFE aluminum prices, but trading volumes will not improve significantly.

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