SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1033 Post time：2015-05-20
SHANGHAI, May 20 (SMM) – The US dollar index climbed above 95, lifted by positive US housing starts and building permits, as well as negative euro zone economic data. Crude oil closed at nearly three-week low. Gold prices fell. In this scenario, LME aluminum fell to USD 1,787/mt after opening at USD 1,823/mt on Tuesday. Finally, LME aluminum closed at USD 1,794.5/mt. Trading volumes were up 1,197 lots to 16,437 lots, and positions were down 1,420 to 795,112.
On Tuesday night, SHFE 1507 aluminum contract fell to RMB 13,150/mt after starting at RMB 13,195/mt. But the contract rallied to RMB 13,220/mt later before finishing the night session at RMB 13,190/mt. Trading volumes totaled 13,932 lots, and positions were down 2,452 to 120,720.
The technical side is negative, so SHFE 1507 aluminum contract might fall to RMB 13,150-13,190/mt on Wednesday. In China’s spot market, spot discounts of RMB 110-150/mt are expected over SHFE 1506 aluminum contract.
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