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SMM Aluminum Market Morning Review (2013-11-11)
Nov 11,2013 09:48CST
price review forecast
Source:SMM
LME aluminum was stagnant during the Asian session after opening at USD 1,822/mt last Friday.

SHANGHAI, Nov. 11 (SMM) – LME aluminum was stagnant during the Asian session after opening at USD 1,822/mt last Friday. 204,000 jobs were added in US non-farm sector in October, well above the 125,000 expected. Surprisingly upbeat data, however, reignited concerns that the US Federal Reserve will announce QE3-tapering during its policy meeting in December. This pushed the US dollar index up, sending LME aluminum down to USD 1,803.5/mt. LME aluminum rebounded slightly at the tail of the session before ending the day at USD 1,816.5/mt. Trading volumes added 799 lots to 12,829 lots, and positions also grew 6,137 lots to 743,334 lots.

Positive US non-farm employment data will continue to influence the market. SHFE 1401 aluminum contract, the most active one, is expected to open at RMB 14,300/mt on Monday and move between RMB 14,290-14,330/mt. In spot markets, a premium of RMB 0-40/mt is expected over SHFE 1311 aluminum contracts. 

 

LME aluminum
SHFE aluminum

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