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Home / Metal News / SMM Aluminum Market Morning Review (2013-11-21)

SMM Aluminum Market Morning Review (2013-11-21)

iconNov 21, 2013 09:50
LME aluminum edged higher to USD 1,800/mt after opening lower at USD 1,793.5/mt on Wednesday.

SHANGHAI, Nov. 21 (SMM) – LME aluminum edged higher to USD 1,800/mt after opening lower at USD 1,793.5/mt on Wednesday. The greenback broke through 81 on the heels of minutes of the FOMC’s latest policy meeting, driving a retreat in the light metal from the 5-day moving average to an intraday low of USD 1,780/mt. Finally, LME aluminum trimmed USD 9.8/mt to close at USD 1,783/mt. Trading volumes were off 3,323 lots to 10,540 lots, while positions tumbled 23,365 lots to 704,122 lots. LME aluminum inventories also fell 8,875 mt to 5,348,875 mt.   

A stronger US dollar will pressure LME aluminum. SHFE 1402 aluminum contract may become the most active one on Thursday and is expected to open at RMB 14,200/mt, with prices between RMB 14,180-14,230/mt. In spot markets, a premium of RMB 0-50/mt is expected over SHFE 1312 aluminum contracts. 

LME aluminum
SHFE aluminum
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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