SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1008 Post time：2015-05-25
SHANGHAI, May 25 (SMM) –The US dollar index soared to 96 on higher-than-expected US core CPI and Fed Chair Yellen’s speech that the US Fed will raise interest rate later this year. This caused LME aluminum to fall to USD 1,757/mt after opening at USD 1,780/mt last Friday. Finally, LME aluminum ended at USD 1,768/mt. Trading volumes were up 869 lots to 14,447 lots, and positions were up 1,491 to 782,110.
Last Friday night, SHFE 1507 aluminum contract fell to RMB 13,160/mt after starting at RMB 13,190/mt, and ended the night session at RMB 13,190/mt. Trading volumes totaled 5,172 lots, and positions were down 1,042 to 107,578.
SHFE 1507 aluminum contract will consolidate between RMB 13,150-13,200/mt on Monday in the absence of guidance from LME aluminum. In China’s spot market, growing supply and falling demand will cause spot discounts to widen to RMB 130-170/mt over SHFE 1506 aluminum contract.
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