SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1111 Post time：2015-06-24
SHANGHAI, Jun. 24 (SMM) – LME aluminum rose overnight on positive manufacturing PMIs from major economies. HSBC’s flash China manufacturing PMI for June hit three-month high. the euro zone, France and Germany reported upbeat manufacturing PMIs. LME aluminum rose to USD 1,738/mt after opening at USD 1,704/mt on Tuesday, but then fell back to close at USD 1,725.5/mt. Trading volumes were up 3,650 lots to 12,107 lots, and positions were up 6,599 to 853,000.
On Tuesday night, SHFE 1508 aluminum contract moved higher after opening at RMB 12,755/mt as shorts exited, and ended the night session at RMB 12,790/mt. Trading volumes totaled 5,174 lots, and positions were down 1014 to 108430.
Positive China manufacturing PMI and improved market sentiment should push SHFE 1508 aluminum contract up slightly to RMB 12,760-12,810/mt on Wednesday. In China’s spot market, sellers will be eager to sell at highs, and spot discounts of RMB 50-90/mt are expected over SHFE 1507 aluminum contract.
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