SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：985 Post time：2015-06-09
SHANGHAI, Jun. 9 (SMM) – LME aluminum opened at USD 1,749/mt on Monday. The light metal met strong resistance at two short-term moving averages and ended the day at USD 1,748/mt. Trading volumes were down 3,313 lots to 8,315 lots, and positions were up 2,319 to 833,068. Despite positive US Labor Market Conditions Index (LMCI), the US dollar index fell due to selloffs. But a softer US dollar gave little support to LME aluminum.
On Monday night, SHFE 1508 aluminum contract rose to RMB 12,990/mt after opening at RMB 12,950/mt, and ended the night session high at RMB 12,970/mt. Trading volumes totaled 5,160 lots, and positions were up 586 to 132,610.
China’s PMI and PPI data will be eyed today. The retreat of SHFE 1508 aluminum contract from RMB 13,000/mt was not accompanied by a sharp increase in positions, suggesting that shorts were cautious about entering. The most active contract should range RMB 12,930-12,980/mt on Tuesday. In China’s spot market, spot discounts might narrow to RMB 40-80/mt over SHFE 1506 aluminum contract since the delivery date of SHFE front-month contract is nearing.
News center