SMM Aluminum Market Morning Review (2013-4-22)

SHANGHAI, Apr. 22 (SMM) – Economic data from China and the US were discouraging. Worries over the European debt crisis remain. The UK’s AAA credit rating was downgraded by Moody’s in February, and revised down again last Friday by Fitch. The US dollar index broke through resistance at all the moving averages during the European session, sending LME aluminum below all moving averages. Finally, LME aluminum closed at an intraday low of USD 1,882/mt, down 1.72%. Latest LME aluminum inventories decreased 8,500 mt to 5,186,075 mt.

The earthquake in Sichuan yesterday triggered market worries. LME aluminum may be unable to regain USD 1,900/mt, with prices between USD 1,850-1,895/mt on Monday. SHFE 1306 aluminum contract is expected to open lower at RMB 14,500/mt and move in a RMB 14,450-14,550/mt range. Wait-and-see sentiment will denominate spot aluminum market at the beginning of the week, with spot discounts expected between RMB 70-110/mt.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.