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Aluminum Prices May Witness Trading Steady

ByCommodityOnline
Published 05/06/2014, 05:41 AM
Updated 05/14/2017, 06:45 AM


Aluminum: We had the LME market closed on Monday while SHFE Aluminum contracts were traded on Monday. The most active July future SHFE Aluminum ended at 13280 Yuan/MT down by 75 Yuan from its previous close. At the local market aluminium prices for May delivery ended at Rs. 106.20 no change from its previous close. As stated since the LME was closed the price performance and the volumes were thin.

This morning at LME, 3 month forward Aluminum prices are seen trading steady and as the day progresses possibly the commodity may show slight recovery in the prices. Also, the Asian markets trading slightly positive could be supportive for the metal. Looking at the derivatives front, in the last three trading session price, volume and open interests have declined suggesting the existing bearish trend might stop for a while or the prices could rebound for intraday.

Therefore, we believe the commodity might rebound so we suggest buying for a minimal target with strict stop loss. News: CME Group Inc. futures trading started for aluminium that can be loaded from U.S. warehouses, a move supported by companies including Miller Coors LLC amid delays at depots linked to the London Metal Exchange. The new contract offers the global industry a “North American benchmark for managing price risk” with access to the metal at warehouses in Baltimore, New Orleans and Ypsilanti, Michigan, CME Group, the Chicago-based owner of the world’s largest futures exchange, has said.

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