SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1315 Post time：2015-03-13
SHANGHAI, Mar. 13 (SMM) –LME aluminum rose to USD 1,766/mt after opening at USD 1,748.5/mt on Thursday, but then fell back to USD 1,745/mt before ending at USD 1,757/mt. On the macro front, China’s M2 growth beat forecasts last month. The US dollar index pared gains. US employment data point to strong labor market, but the country’s retail sales data were depressed. Trading volumes of LME aluminum decreased 1,152 lots to 10,526 lots, with positions up 7,726 to 838,282.
SHFE 1505 aluminum contract slid to RMB 13,045/mt after starting Thursday’s night session at RMB 13,100/mt due to profit-taking at highs. The most active contract ended at RMB 13,060/mt. Trading volumes totaled 14,012 lots, with positions down 1,678 to 114,864.
The most active SHFE aluminum contract should move between RMB 13,030-13,100/mt on Friday. In China’s spot market, spot discounts are expected to expand to RMB 180-220/mt over SHFE 1503 aluminum contract due to growing supply and weak demand.
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