LME Aluminum to Meet Resistance (2016-5-3)-Shanghai Metals Market

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LME Aluminum to Meet Resistance (2016-5-3)

Price Review & Forecast 09:37:18AM May 03, 2016 Source:SMM

SHANGHAI, May 3 (SMM) –LME aluminum will meet resistance and move at USD 1,660-1,680/mt on Tuesday, with crude oil prices down due to profit-taking. 

SHFE 1606 aluminum will move at RMB 12,650-12,750/mt, with support at the 10-day moving average and resistance at the 5--day moving average.  

In China’s spot aluminum market, spot discounts of RMB 0-20/mt and spot premiums of RMB 0-20/mt are expected over SHFE 1605 aluminum contract. 

Key Macroeconomic Indicators for Base Metal Prices (2016-5-3)

 



LME Aluminum to Meet Resistance (2016-5-3)

Price Review & Forecast 09:37:18AM May 03, 2016 Source:SMM

SHANGHAI, May 3 (SMM) –LME aluminum will meet resistance and move at USD 1,660-1,680/mt on Tuesday, with crude oil prices down due to profit-taking. 

SHFE 1606 aluminum will move at RMB 12,650-12,750/mt, with support at the 10-day moving average and resistance at the 5--day moving average.  

In China’s spot aluminum market, spot discounts of RMB 0-20/mt and spot premiums of RMB 0-20/mt are expected over SHFE 1605 aluminum contract. 

Key Macroeconomic Indicators for Base Metal Prices (2016-5-3)