SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1087 Post time：2015-03-23
SHANGHAI, Mar. 23 (SMM) – The US dollar index fell back to 98. Gold and crude oil rose. This, along with improving Chinese housing market, cheered market up. But LME aluminum rose slower than other base metals. The Light metal rose to USD 1,810/mt after opening at USD 1,780/mt last Friday, and ended at USD 1,797/mt. Trading volumes increased 1,556 lots to 14,138 lots, and positions up 1,864 to 801,446.
SHFE 1506 aluminum contract climbed to RMB 13,355/mt after starting last Friday’s night session at RMB 13,285/mt, and ended at RMB 13,330/mt. Trading volumes totaled 18,574 lots, with positions up 2,694 to 112,946.
The most active SHFE aluminum contract should move between RMB 13,300-13,400/mt on Monday. In China’s spot market, spot discounts of RMB 220-260/mt are expected over SHFE front-month aluminum contract.
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