SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：909 Post time：2015-06-05
SHANGHAI, Jun. 5 (SMM) –LME aluminum fell to USD 1,735.5/mt after opening at USD 1,753/mt on Thursday, and ended the day at USD 1,744.5/mt. Trading volumes were down 546 lots to 9,027 lots, and positions were down 5,599 to 821,629. Negotiations over the Greece debt issue went into a deadlock. The US dollar index inched up as US initial jobless claims cheered market up, pressuring base metals.
On Thursday night, SHFE 1508 aluminum contract opened at RMB 13,090/mt. The contract fell due to entry of shorts, and ended at RMB 13,045/mt. Trading volumes totaled 15,466 lots, and positions were up 314 to 133,108.
SHFE 1508 aluminum contract might fall to RMB 13,020-13,080/mt on Friday, as bearish sentiment is gaining steam. In China’s spot market, demand will remain soft, and spot discounts of RMB 70-110/mt are expected over SHFE 1506 aluminum contract.
News center