SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1084 Post time：2015-06-02
SHANGHAI, Jun. 2 (SMM) – LME aluminum rose overnight on positive news from China. China’s official manufacturing PMI and that released by HSBC rose in May. The People’s Bank of China (PBOC) was said to have provided Pledged Supplementary Lending (PSL) facility to selected banks recently. LME aluminum climbed to USD 1,755/mt after opening at USD 1,745/mt on Monday. The light metal fell back to USD 1,733/mt later in the day, but then rose again to USD 1,766/mt before ending at USD 1,757.5/mt. Trading volumes were down 7,778 lots to 14,428 lots, and positions were up 6,602 to 820,109.
On Monday night, SHFE 1508 aluminum contract rose to RMB 13,200/mt after opening at RMB 13,170/mt, and ended the night session at RMB 13,190/mt. Trading volumes totaled 7,186 lots, and positions were up 1,158 to 126,328.
SHFE 1508 aluminum contract should move between RMB 13,150-13,200/mt on Tuesday. In China’s spot market, supply and demand will both be weak, with spot discounts of RMB 80-120/mt are expected over SHFE 1506 aluminum contract.
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