Home / Metal News / Copper / SMM Morning Review - 2012/7/9 Aluminum Market
SMM Morning Review - 2012/7/9 Aluminum Market
Jul 9,2012 09:21CST
price review forecast
Source:SMM
The most active SHFE aluminum contract for October delivery should open lower near RMB 15,540/mt and test support at RMB 15,500/mt as it moves between RMB 15,500-15,620/mt.

SHANGHAI, Jul. 9 (SMM) – LME aluminum lost a heavy USD 44.3/mt or 2.28% to USD 1,900/mt on Friday, though recovering a little from the intraday low of USD 1,894/mt, as less-than-expected increases in non-farm payrolls in the United States in June pushed up risk aversion to induce short selling. Positions for the light metal surged 10,393 lots, mostly short positions, to 717,702 lots. Latest LME aluminum stocks were up 9,200 mt at 4,818,725 mt.

China will deliver its June economic data today, so trading should be cautious, but also slightly bearish today. LME aluminum should meet heavier pressure at USD 1,900/mt and move between USD 1,845-1,905/mt. The most active SHFE aluminum contract for October delivery should open lower near RMB 15,540/mt and test support at RMB 15,500/mt as it moves between RMB 15,500-15,620/mt. Spot aluminum prices will have discounts of RMB 20-60/mt over current-month SHFE aluminum prices as high selling interest meets weak demand. Deals will remain limited.

most active SHFE aluminum contract
aluminum prices

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 news