SMM Aluminum Market Morning Review (2013-10-30)-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Aluminium
  • Copper scrap
  • Copper
  • Nickel
  • price forecast
  • Market commentary
  • Lead
  • MMi Iron Ore Port Index
  • Evening comments
  • Alumina
  • Stainless steel
  • Futures movement
  • Steel
  • Morning comments

SMM Aluminum Market Morning Review (2013-10-30)

Price Review & Forecast 09:45:33AM Oct 30, 2013 Source:SMM

SHANGHAI, Oct. 30 (SMM) – LME aluminum started Tuesday at USD 1,891/mt. The light metal rose to the highest since August 22 of USD 1,905.8/mt, but dipped to USD 1,877/mt on US consumer confidence index for October, which dropped to the lowest since April of 71.2. Finally, LME aluminum closed down USD 11/mt or 0.58% at USD 1,879/mt. Trading volumes contracted 1,195 lots to 12,719 lots, and positions also shrank 1,008 lots to 747,923 lots.

Markets will stay cautious ahead of the policy decision of the US Federal Reserve. SHFE 1401 aluminum contract, the most active one, is expected to open at RMB 14,440/mt on Wednesday and fluctuate between RMB 14,410-14,460/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum  

SMM Aluminum Market Morning Review (2013-10-30)

Price Review & Forecast 09:45:33AM Oct 30, 2013 Source:SMM

SHANGHAI, Oct. 30 (SMM) – LME aluminum started Tuesday at USD 1,891/mt. The light metal rose to the highest since August 22 of USD 1,905.8/mt, but dipped to USD 1,877/mt on US consumer confidence index for October, which dropped to the lowest since April of 71.2. Finally, LME aluminum closed down USD 11/mt or 0.58% at USD 1,879/mt. Trading volumes contracted 1,195 lots to 12,719 lots, and positions also shrank 1,008 lots to 747,923 lots.

Markets will stay cautious ahead of the policy decision of the US Federal Reserve. SHFE 1401 aluminum contract, the most active one, is expected to open at RMB 14,440/mt on Wednesday and fluctuate between RMB 14,410-14,460/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum