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SMM Aluminum Market Morning Review (2013-7-19)
Jul 19,2013 08:59CST
price review forecast
Source:SMM
LME aluminum hovered around USD 1,800/mt during the Asian session, but sank below the 20-day moving average to an intraday low of USD 1,793/mt during the European session.

SHANGHAI, Jul. 19 (SMM) – LME aluminum hovered around USD 1,800/mt during the Asian session, but sank below the 20-day moving average to an intraday low of USD 1,793/mt during the European session. However, LME aluminum did climb to USD 1,813/mt at the tail of the session before ending the day at USD 1,804.5/mt, up USD 0.5/mt. Trading volumes decreased 3,053 lots to 7,892 lots, but positions increased 5,777 lots to 745,184 lots. LME aluminum inventories were down 6,550 mt to 5,479,550 mt. 

LME aluminum will rise on upbeat US economic data, but gains will be limited by a firm US dollar. SHFE 1310 aluminum contract is expected to open flat at RMB 14,300/mt, with prices between RMB 14,280-14,350/mt. In spot market, cargo holders will demand higher prices, with spot discount of RMB 0-30/mt and premium of RMB 0-20/mt expected over SHFE 1308 aluminum contract prices.  
 

latest LME aluminum prices
SHFE aluminum prices

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