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SMM Aluminum Market Morning Review

Author:Site  Source:Network  Click to rate:1045  Post time:2015-05-04

SHANGHAI, May 4 (SMM) – US labor market improved, but personal expenditures and PCE price index were depressed, sending the US dollar index down. A weaker US dollar helped LME aluminum jump to USD 1,931.5/mt last Friday. But prices fell later due to risk aversion before the weekend, ending at USD 1,913/mt. Trading volumes were down 8,258 lots to 12,834 lots, and positions were down 4,801 to 785,384.
 
HSBC’s China manufacturing PMI will be eyed today. Rising LME aluminum during the May Day holiday and positive China official manufacturing PMI for April will allow SHFE 1507 aluminum contract to rise to RMB 13,400-13,500/mt on Monday. In China’s spot market, demand will pick up with liquidity crunch easing at the start of the month. Spot discounts of RMB 140-180/mt are expected over SHFE 1505 aluminum contract.
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