Metals News
SMM Morning Review - 2012/7/11 Aluminum Market
price review forecast
09:59AM
Jul 11,2012
Source:SMM

SHANGHAI, Jul. 11 (SMM) – The sharp contraction in Chinese imports in June pushed the US dollar index to test resistance at 83.5, weakening momentum of commodities. LME aluminum struggled at the 5-day moving average without any breakthrough, hitting a high of only USD 1,930.5/mt. The light metal retreated to losses at the tail of trading, settling down USD 16.3/mt or 0.84% at USD 1,910/mt. Latest LME aluminum stocks were down 6,000 mt at 4,822,850 mt.

Sluggishness in demand and global economies has empowered shorts. LME aluminum is expected to struggle at USD 1,900/mt and move between USD 1,885-1,915/mt today. The most active SHFE aluminum contract for October delivery should open lower near RMB 15,520/mt and hover within RMB 15,450-15,580/mt, with stronger pressure expected at the 5-day moving average. Spot discounts should hold at RMB 30-70/mt as short selling increases with the delivery date nearing. Deals will nevertheless be limited.

most active SHFE aluminum contract
LME aluminum
spot aluminum
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