SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1116 Post time：2015-03-26
SHANGHAI, Mar. 26 (SMM) – The US dollar index fell overnight, due to weak US durable goods orders and positive German economic sentiment index. But LME aluminum drew no support. Instead, the light metal dropped to USD 1,768/mt after opening at USD 1,792/mt, and ended Wednesday at USD 1,771/mt. Trading volumes increased 2,031 lots to 11,609 lots, and positions up 4,164 to 819,022.
SHFE 1506 aluminum contract started Wednesday’s night session at RMB 13,300/mt, and closed at a session low of RMB 13,250/mt. Trading volumes totaled 14,170 lots, with positions down 1,600 to 121,550.
Exit of bulls will send the most active SHFE aluminum contract down to RMB 13,220-13,280/mt on Thursday. In China’s spot market, spot discounts are expected between RMB 220-260/mt over SHFE front-month aluminum contract.
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