LME Aluminium ended the last week amid gains after increasing for three days in a row. The contract broke through the 20-day moving average and closed at US$1,742.50/mt after Friday's night trading. According to Shanghai Metals Market forecast, with the market firming LME aluminium will increase on Monday market to move in the range of US$1,735-1,760/mt.
As on December 9, LME official Cash Seller & Settlement price of aluminium is recorded at US$1742.5/mt, 3M Buyer price is recorded at US$1,737.50/mt, 3M Seller price is US$1,738/mt, DEC1 Buyer price is US$1,750/mt and DEC1 Seller price is US$1,755/mt.
The LME Official Opening Stock of aluminium, as on December 9, stands at 2107525 mt, total Live Warrants is estimated at 1383425 mt, and Cancelled Warrant is 718350 mt.
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In China, aluminium traded on Shanghai Metal Exchange edged higher by 1.14 per cent on Monday, December 12, to open at US$1,944/mt.
Aluminium prices on Shanghai Futures Exchange saw a similar uptick on Friday; SHFE 1702 aluminium rose to find support at the 10 and 40-day moving averages. The Chinese yuan fell below 6.92, supporting commodities. SMM predicts, the contract will move at RMB 13,300-13,500/mt on Monday.
“US Fed’s December rate meeting will be market focus this week, in addition to manufacturing PMIs in many countries ahead of Christmas holiday, and Shanghai prices are expected to trade in a wide range this week,” SMM says.
Spot aluminium in China's domestic market is expected to trade at discounts of RMB 50-10/mt on Monday.
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This week, the markets will be focusing on the December policy meeting wherein Fed is to decide whether or not to raise interest rates. Manufacturing PMIs from western countries for December will be released on Thursday in advance due to the upcoming Christmas holiday. Based on these key macroeconomic indicators base metal prices on the SHFE will likely swing this week, predicts SMM.
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