SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1143 Post time：2015-03-12
SHANGHAI, Mar. 12 (SMM) –China’s industrial value-added, fixed asset investment and consumer goods retail sales data for the January-February period all undershot forecasts. The US dollar index rose to 99.98. In this context, LME aluminum hit 10-month low of USD 1,745.5/mt after opening at USD 1,767/mt on Wednesday. Finally, LME aluminum closed at USD 1,751/mt. Trading volumes increased 434 lots to 11,678 lots, with positions up 1,077 to 830,556.
SHFE 1505 aluminum contract slid to RMB 12,890/mt after starting Wednesday’s night session at RMB 12,945/mt. The most active contract ended at RMB 12,930/mt. Trading volumes totaled 11,990 lots, with positions down 1,192 to 122,050.
A lack of positive news will keep the most active SHFE aluminum contract trapped between RMB 12,890-12,940/mt on Thursday. In China’s spot market, cooling demand will cause spot discounts to expand to RMB 120-160/mt over SHFE 1503 aluminum contract.
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