SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1063 Post time：2015-04-22
SHANGHAI, Apr. 22 (SMM) – LME aluminum movement was largely subject to crude oil and the US dollar overnight. Crude oil prices fell due to eased tensions in Yemen and growing inventories. The US dollar index fell back after rising at first. LME aluminum drifted lower after opening at USD 1,814/mt on Tuesday. But prices rebounded later before ending at USD 1,819/mt. Trading volumes fell 486 lots to 11,019 lots, with positions down 4,147 to 765,825.
On Tuesday night, SHFE 1506 aluminum contract dropped to RMB 13,020/mt after starting at RMB 13,090/mt. The most active contract bounced back to RMB 13,130/mt before ending the night session at RMB 13,125/mt. Trading volumes totaled 5,640 lots, with positions down 1,350 to 111,520.
The most active SHFE aluminum contract should move between RMB 13,090-13,140/mt on Wednesday, due to exit of bulls overnight. In China’s spot market, demand will remain poor, with spot discounts of RMB 90-130/mt expected over SHFE 1505 aluminum contract.
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