SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1024 Post time：2015-05-27
SHANGHAI, May 27 (SMM) – The US dollar index rose above on positive US economic data. The euro softened further due to worries over Greece debt crisis. Gold and crude oil fell deeply. LME aluminum climbed to USD 1,782/mt after opening at USD 1,774/mt, but then fell to USD 1,749/mt. The light metal ended at USD 1,757.5/mt. Trading volumes were up 207 lots to 14,654 lots, and positions were up 4,209 to 786,319.
On Tuesday night, SHFE 1508 aluminum contract was range-bound after starting at RMB 13,230/mt, and ended the night session at RMB 13,220/mt. Trading volumes totaled 5,710 lots, and positions were up 612 to 110,060.
Data on profit at large Chinese industrial enterprises will be released today. SHFE 1508 aluminum contract has found support at RMB 13,200/mt, and is expected to move between RMB 13,200-13,250/mt on Wednesday. In China’s spot market, spot aluminum might fall below RMB 13,000/mt, with spot discounts of RMB 120-160/mt expected over SHFE 1506 aluminum contract.
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