SMM Aluminum Market Morning Review (2013-10-23)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Production data
  • Macroeconomics
  • Market commentary
  • Morning comments
  • Aluminium
  • Copper
  • Stainless steel
  • Mengtai Group
  • Nickel
  • Futures movement
  • In the United States
  • trade negotiations

SMM Aluminum Market Morning Review (2013-10-23)

Price Review & Forecast 09:21:22AM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – US non-farm payrolls added 148,000 in September, well below expectations for an 180,000 increase. This sparked concerns that US economy has lost upward momentum, but also raised anticipation that the Federal Reserve will keep QE3 in place till next March. As a result, the US dollar index slid to 79.18, lifting LME aluminum. LME aluminum hit a 2-month high of USD 1,890.8/mt after starting Tuesday at USD 1,850/mt. The light metal fell slightly at the tail of the session as some longs took profits, but still closed the day up USD 24.5/mt or 1.32% at USD 1,877/mt. Trading volumes increased 9,324 lots to 17,637 lots, while positions decreased 444 lots to 739,503 lots.

SHFE 1312 aluminum contract, the most active one, is expected to open at RMB 14,410/mt on Wednesday and fluctuate between RMB 14,390-14,480/mt. In spot markets, tight supply in Shanghai will leave spot aluminum at a premium of RMB 10-50/mt over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum  

SMM Aluminum Market Morning Review (2013-10-23)

Price Review & Forecast 09:21:22AM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – US non-farm payrolls added 148,000 in September, well below expectations for an 180,000 increase. This sparked concerns that US economy has lost upward momentum, but also raised anticipation that the Federal Reserve will keep QE3 in place till next March. As a result, the US dollar index slid to 79.18, lifting LME aluminum. LME aluminum hit a 2-month high of USD 1,890.8/mt after starting Tuesday at USD 1,850/mt. The light metal fell slightly at the tail of the session as some longs took profits, but still closed the day up USD 24.5/mt or 1.32% at USD 1,877/mt. Trading volumes increased 9,324 lots to 17,637 lots, while positions decreased 444 lots to 739,503 lots.

SHFE 1312 aluminum contract, the most active one, is expected to open at RMB 14,410/mt on Wednesday and fluctuate between RMB 14,390-14,480/mt. In spot markets, tight supply in Shanghai will leave spot aluminum at a premium of RMB 10-50/mt over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum