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SMM Aluminum Market Morning Review (2013-2-5)
Feb 5,2013 09:34CST
price review forecast
Source:SMM
The US factory orders advanced 1.8% MoM in December, well below forecasts.

SHANGHAI, Feb. 5 (SMM) – The US factory orders advanced 1.8% MoM in December, well below forecasts. Besides, the Conference Board's Employment Trends Index declined in January, dampening market confidence on economic recovery. Investors turned away from risky assets as a result, pushing the US dollar index above 79. As such, LME aluminum gave back gains and tumbled to USD 2,130/mt at the tail of trading. Finally, LME aluminum closed at USD 2,115/mt, down 0.45%. Latest LME aluminum inventories decreased 1,950 mt to 5,153,350 mt.

Aluminum prices will edge down at the upper end of the price range. LME aluminum should test support at USD 2,100/mt and fluctuate in the band of USD 2,100-2,140/mt on Tuesday. The SHFE 1305 aluminum contract is expected to open at RMB 15,330/mt, with prices between RMB 15,300-15,360/mt. In spot aluminum markets, a few traders will remain aggressive in selling off inventories, but consumption will be sluggish, with spot discounts expected between RMB 60-100/mt.
 

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SHFE aluminum prices

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