SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1201 Post time：2015-03-19
SHANGHAI, Mar. 19 (SMM) – US Fed’s dovish stance sent the US dollar index down. Crude oil rebounded. But LME aluminum drew no support. Instead selloffs sent LME aluminum down to USD 1,757/mt. Finally, LME aluminum ended at USD 1,769/mt. Trading volumes dropped 1,204 lots to 11,974 lots, and positions fell 23,205 to 794,844.
SHFE 1505 aluminum contract rose to RMB 13,160/mt after starting Wednesday’s night session at RMB 13,130/mt, and ended at RMB 13,120/mt. Trading volumes totaled 10,986 lots, with positions down 150 to 110,034.
A weaker US dollar should allow the most active SHFE aluminum contract to move between RMB 13,100-13,150/mt on Thursday. In China’s spot market, spot discounts of RMB 210-250/mt are expected over SHFE front-month aluminum contract.
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