Home / Metal News / Aluminium / SMM Aluminum Market Morning Review (2013-11-1)
SMM Aluminum Market Morning Review (2013-11-1)
Nov 1,2013 09:21CST
price review forecast
Source:SMM
Upbeat US manufacturing PMI rekindled concerns that the US Federal Reserve may begin to trim its bond-buying program.

SHANGHAI, Nov. 1 (SMM) – Upbeat US manufacturing PMI rekindled concerns that the US Federal Reserve may begin to trim its bond-buying program. Meanwhile, sharply falling inflation rate and stubbornly high unemployment rate in the euro zone pushed the US dollar index up to 80.273. This drove a retreat in LME aluminum from the 5-day, 10-day and 20-day moving averages to USD 1,858.5/mt after opening at USD 1,888.8/mt on Thursday. The light metal lost USD 27/mt or 1.43% to close at USD 1,864/mt. Trading volumes contracted 5,258 lots to 13,937 lots, and positions also shrank 7,522 lots to 746,616 lots.

Markets are optimistic over China’s official manufacturing PMI for October and HSBC’s China manufacturing PMI due to be announced today. This will prevent SHFE 1401 aluminum contract from falling. The most active SHFE aluminum contract is expected to open at RMB 14,400/mt and move between RMB 14,380-14,430/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. 

 

LME aluminum
SHFE aluminum

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news