SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1197 Post time：2015-04-14
SHANGHAI, Apr. 14 (SMM) – Disappointing Chinese trade data caused LME aluminum to drift lower after opening at USD 1,763/mt on Monday. The US dollar index failed to broke through 100, and crude oil closed with gains. This helped LME aluminum rise to USD 1,765.5/mt. But prices fell again to end at USD 1,765.5/mt. Trading volumes increased 4,651 lots to 12,765 lots, with positions down 28 to 806,938.
On Monday night, SHFE 1506 aluminum contract dropped to RMB 13,070/mt after starting at RMB 13,155/mt, and closed the night session at RMB 13,115/mt. Trading volumes totaled 9,656 lots, with positions down 1,512 to 115,634.
Depressed aluminum semis export data and negative technical side should send the most active SHFE aluminum contract down to RMB 13,050-13,150/mt on Tuesday. In China’s spot market, spot discounts are likely to narrow to RMB 50-90/mt as delivery of SHFE front-month aluminum contract is nearing.
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