Metals News
SMM Aluminum Market Morning Review (2013-1-8)
price review forecast
Jan 8,2013

SHANGHAI, Jan. 8 (SMM) – Market is worried that QE3 may end ahead of schedule, causing LME aluminum to slid to USD 2,034.3/mt in early European session, its lowest since November 29, 2012. As market aversion faded later, the US dollar index plummeted, attracting longs to buy metals at lows. As a result, LME aluminum staged a strong rally and recovered earlier losses. Finally, LME aluminum closed USD 6.8/mt or 0.33% higher at USD 2,072.8/mt. Latest LME aluminum inventories decreased 3,725 mt to 5,213,525 mt.

Aluminum is expected to trade in a tight range due to a lack of market direction. LME aluminum should test support at USD 2,050/mt and fluctuate in the band of USD 2,040-2,080/mt on Tuesday. The SHFE 1303 aluminum contract is expected to open at RMB 15,300/mt, with prices between RMB 15,250-15,350/mt. Traders will hold offers firm, while downstream producers and middlemen should go bargain-hunting, with spot discounts expected between RMB 30-70/mt.

latest LME aluminum prices
current SHFE aluminum prices
For queries, please contact Frank LIU at
For more information on how to access our research reports, please email
Related Price

No Data