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SMM Aluminum Market Morning Review (2013-3-28)
Mar 28,2013 09:06CST
price review forecast
Source:SMM
Worries over the European debt crisis drove the US dollar index above 83 and sent LME aluminum down to USD 1,900/mt.

SHANGHAI, Mar. 28 (SMM) – Worries over the European debt crisis drove the US dollar index above 83 and sent LME aluminum down to USD 1,900/mt. Later, LME aluminum recovered losses due to dip-buying and as US pending home sales rose 8.4% YoY in February. Finally, LME aluminum closed up 0.42% at USD 1,922/mt. Latest LME aluminum inventories decreased 8,500 mt to 5,230,650 mt.

A strong US dollar will keep a lid on aluminum prices. LME aluminum should continue to test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,940/mt on Thursday. SHFE 1306 aluminum contract prices are expected to open at RMB 14,675/mt, with prices between RMB 14,600-14,700/mt. In spot markets, traders will remain anxious to sell to generate cash, but downstream consumption will be sluggish, with spot discounts expected between RMB 40-80/mt.


 

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