SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1043 Post time：2015-04-28
SHANGHAI, Apr. 28 (SMM) – LME aluminum slid to USD 1,820/mt on a stronger US dollar after opening at USD 1,825/mt on Monday. But prices then rallied to USD 1,848/mt as downbeat Markit’s US service PMI and Dallas Fed business activity index sent the US dollar index to a 3-week low. Finally, LME aluminum ended the day at USD 1,834/mt. Trading volumes were down 2,044 lots to 13,735 lots, and positions were up 1,606 to 772,453.
On Monday night, SHFE 1507 aluminum contract rose to RMB 13,420/mt after starting at RMB 13,360/mt. The most active contract finished the night session at RMB 13,380/mt. Trading volumes totaled 18,560 lots, and positions were up 3,014 to 136,406.
SHFE 1507 aluminum contract will remain strong RMB 13,360-13,450/mt on Tuesday as market sentiment is turning bullish. In China’s spot market, cargo holders will be eager to sell at highs, with spot discounts of RMB 140-180/mt expected over SHFE 1505 aluminum contract.
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