SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1090 Post time：2015-05-14
SHANGHAI, May 14 (SMM) –China’s industrial output, fixed asset investment and retail sales data all missed forecasts, raising hopes for more stimulus. In this context, LME aluminum rose to USD 1,910/mt after opening at USD 1,893/mt on Wednesday. The US dollar index fell to near 93 on weal US retail sales data. But a weaker US dollar offered no support to LME aluminum. Instead, weak crude oil caused LME aluminum to fall to USD 1,884.5/mt before ending at USD 1,885/mt. Trading volumes were up 280 lots to 10,475 lots, and positions were down 3,403 to 790,116.
On Wednesday night, SHFE 1507 aluminum contract climbed to RMB 13,410/mt after starting at RMB 13,380/mt. But prices fell back to RMB 13,325/mt later before finishing the night session at RMB 13,365/mt. Trading volumes totaled 12,466 lots, and positions were down 514 to 132,964.
SHFE 1507 aluminum contract should move between RMB 13,340-13,390/mt on Thursday. In China’s spot market, spot discounts are expected to narrow to RMB 120-160/mt over SHFE 1505 aluminum contract.
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